Questions & Answer

- Expense is recognized immediately in the income statement when the expense does not result in any future economic benefits or when future economic benefits are no longer eligible or are no longer eligible to be recognized as an asset in the balance sheet.

- The difference is content. The tax invoice must include specific data, but not necessarily on the regular invoice

The most important accounting terms

A pledge issued by the ac-creditor (the bank) to the beneficiary of the credit