To realize an asset means to

Assessment: WAEC SSCE - Financial Accounting - 1998 (Objective) Subject: Financial Accounting

Question 1 Report

To realize an asset means to
Answer Details
To realize an asset means to turn it into cash or cash equivalent, such as selling the asset or exchanging it for cash. This can be done in order to use the cash for other purposes, to invest in a different asset, or to pay off liabilities. When an asset is realized, it is typically recorded in the accounting records to reflect the change in the company's financial position.
Read lesson note on Nature And Significance Of Accounting (JAMB)
Read lesson note on Principles Of Double Entry (JAMB)
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