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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. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately
Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy fou
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
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AL MASA a sole trader,decided to install a new machine to use within her sole trader business
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