Real to Reel Is a Retailer. A Company Symbol Is Evolved by a Consultant at a Cost of $154,000. How Should this Transaction Be Recorded and Reported?

Accounting is a system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting is often called the "language of business" because it provides the means of recording and communicating business activities and the results of those activities. (Albrecht, WS, Stice, JD, Stice, EK & Swain, MR 2005) The way that this is done is governed by the Regulatory and Conceptual Framework for Accountancy in Australia. …