Answer:
Recognize the assessments as assessments receivable and revenue.
Explanation:
Practically, this will result in a receivable in the reserve fund, if the amounts are not received when due.
This could be seen when an/a corporation may decide on the amount of an assessment years before the cash is been used.
But cannot really obtain the revenue at the time of the decision, since the corporation can change its decision up until the day the amount is due. Also there are no specific parties being assessed, until the owner on record is known on the day the assessment is due, also the assessment should be recognized as revenue of the reserve fund when due.
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A service company does not have any inventory held for sale, while a merchandising company does have merchandise for sale.
<h3>What is a service company?</h3>
This is the term that is used to refer to the type of business that is known for the services that they provide in a given economy instead of the provision of physical goods for the consumers that are in the economy.
Hence we can say that A service company does not have any inventory held for sale, while a merchandising company does have merchandise for sale.
Read more on service company here: brainly.com/question/24553900
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