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Q. Explain about realization principle?
Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the right to receive payment from the buyer. The seller obtains this right from the buyer at the time of sale for merchandise transactions or when services have been performed in service transactions. Legally a sale of merchandise takes place when title to the goods passes to the buyer. The time at which title passes usually depends on the shipping terms- FOB shipping point or else FOB destination. As a practical matter accountants in general record revenue when goods are delivered. The benefits of recognizing revenue at the time of sale are (a) the actual transaction-delivery of goods-is an observable event (b) revenue is easily measured (c) risk of loss due to price decline or destruction of the goods has passed to the buyer (d) revenue has been earned, or substantially so and (e) because the revenue has been earned, expenses and net income can be determined. As discussed later the drawback of recognizing revenue at the time of sale is that the revenue might not be recorded in the period during which most of the activity creating it occurred.
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
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener
For earnings management, is impairment of goodwill easier to manipulate than impairment of PPE?
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Of the two, who is the ____ , Marie Antoinette or Anne Boleyn? (Points : 2) more famous most famous famouser Question 3. 3. The traffic where we live is _____
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Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
I just want part A and Part B including ppt slides to present.
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