<prompt> Translate the following text to EnglishKutambuliwa ni mchakato wa rasmi kurekodi au kuingiza kipengele katika taarifa za kifedha za shirika kama mali, dhima, mapato, gharama, au sawa.  <response>: Recognition is the process of formally recording or incorporating an item into the financial statements of an entity as an asset, liability, revenue, expense, or the like. 