Recognizing revenue when it is earned and not when cash is

Assignment Help Accounting Basics
Reference no: EM13453637

Recognizing revenue when it is earned and not when cash is received and recognizing expenses when the related goods or services are used rather than when they are paid for is called:

A) Accrual accounting.

B) Matching.

C) Revenue recognition.

D) Conservatism.

Reference no: EM13453637

Questions Cloud

What would happen to production possibility frontier over : assume that there are only two inputs labor and natural resources producing two goods movies and gasoline with no
What kinds of assumptions interfere with critical thinking : q1. to what extent does acculturation affect our individuality? how might an individual overcome acculturation to
How would you select the suiatble level of significance for : you are a data analyst with john and sons company. the company has a large number of manufacturing plants in the united
How can sound science and the scientific method be used to : how can sound science and the scientific method be used to help evaluate and solve an environmental issue? give 1
Recognizing revenue when it is earned and not when cash is : recognizing revenue when it is earned and not when cash is received and recognizing expenses when the related goods or
What tools and techniques should be used for evaluating a : q1.what are the characteristics of a problem? how might a problem present itself? how should a problem be investigated
Given that the current 2 primary sources of electricity : for each assignment you will use the m.u.s.e. link to complete the labin this lab you will see the time progression of
Identify and explain four 4 key attributes of larry : identify and explain four 4 key attributes of larry frymires leadership style.identify and explain four 4 major
Bennett corporation is authorized to issue 1000000 shares : bennett corporation is authorized to issue 1000000 shares of 1 par value common stock in 2012. beginning in that year

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Legal effect of the presence of a superceding

The legal effect of the presence of a superceding event is that:

  Problem on interest payable annually

Novastar Corporation issued 2,000 of its 1,000, 10% ten-year bonds dated July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually.

  Work sheet and the general ledger accounts

Examine the work sheet and the general ledger accounts. Make a list of the errors you find. Prepare a corrected work sheet. Correct any errors you find in the general ledger accounts.

  Consider a supplier of agricultural equipment who is

consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm.

  Describe independent auditors concept of materiality

Briefly describe independent auditors' concept of materiality. Describe some common relationships and other considerations used by auditors when assessing the dollar amount considered material. In other words, what are some common measures of mate..

  Recognition of past accomplishments in field of education

\Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education.

  Calculate the amount charged to cost of goods sold

Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations), Using the LIFO assumption, calculate the value of ending inventory for March

  What is the total amount of taxes withheld

Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.

  Describe the purpose of lcm rule and accounting convention

the lower of cost or market lcm rule is used in the valuation of inventories. the lcm rule explains that if the

  Basics of payback period of the project

The scrap value of the project's assets at the end of the project would be $28,000. The payback period of the project is closest to:

  Journalize assignment of overhead to assembly

Journalize the assignment of overhead to the Assembly and Finishing Departments. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

  Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory, assume (1) is LIFO, LIFO cost flow (2) LIFO cost flow. And (3) weighted average.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd