Cash collection as point of revenue recognition, Accounting Basics

Assignment Help:

Q. Cash collection as point of revenue recognition?

Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at the time of sale. This process is the cash basis of accounting. The cash basis is acceptable principally in service enterprises that don't have substantial credit transactions or inventories such as business entities of doctors or dentists.


Related Discussions:- Cash collection as point of revenue recognition

How to manage barter income?, How to create account for barter transactions...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

Non-current assets, What should companies not show as non-current assets in...

What should companies not show as non-current assets in their balance sheets? A  plant bought on hire purchase B  plant fully depreciated C  plant held on finance leases D  pla

Responsibility of general manager and salesperson, Q. Responsibility of Gen...

Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a

Explain what is brs?, BRS - Bank Reconciliation Statement A bank recon...

BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec

Example of horizontal analysis, Q. Example of horizontal analysis? Seve...

Q. Example of horizontal analysis? Several companies have been restructuring their organizations and reducing the number of employees to cut expenses. AT&T, General Motors, IBM

How to get accounting exam help, Hi, How to get help with tutor, in account...

Hi, How to get help with tutor, in accounting exam prepartion? please suggest?

STATEMENT OF CASH FLOW, #2, The comparative balance sheets and income state...

#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3

#title.suspense account, The book of Deven Verma could not be tallied. The ...

The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

Example of perpetual inventory procedure, Q. Example of perpetual inventory...

Q. Example of perpetual inventory procedure? The Perpetual inventory procedure Companies use perpetual inventory procedure in a range of business settings. In the past companie

Write Your Message!

Captcha
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