Difference between revisions of "Right"
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== Definition == | == Definition == | ||
| − | '''Right''' in [[Accounting]] context is a [[Claim]] on some physical object or another party that has the potential to produce economic benefits | + | '''Right''' in [[Accounting]] context is a [[Claim]] on some physical object or another party that has the potential to produce economic benefits. Rights are established by [[Contract]] or [[Legislation]] or similar means and can be ''enforced'' within the context of the relevant jurisdiction. |
== Examples == | == Examples == | ||
Revision as of 17:40, 6 September 2021
Definition
Right in Accounting context is a Claim on some physical object or another party that has the potential to produce economic benefits. Rights are established by Contract or Legislation or similar means and can be enforced within the context of the relevant jurisdiction.
Examples
- Right to receive cash (e.g., from financial contacts or sales contracts)
- Right to receive goods or services (from purchase contracts)
- Right to exchange resources (derivatives contracts)
- Contigent "Rights" from options contracts
- Right to use intellectual property
- Right to use property, plant and equipment
