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Q. Explain about revenue recognition principle?
Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of revenue All economic activities undertaken by a company to make revenues are part of the earning process. Several activities may have preceded the actual receipt of cash from a customer including (a) placing advertisements (b) calling on the customer several times (c) submitting samples (d) acquiring or manufacturing goods and (e) selling and delivering goods. For these activities the company acquire costs. Although revenue was in fact being earned by these activities accountants don't recognize revenue until the time of sale because of the requirement that revenue be substantially earned before it is recognized (recorded) this requirement is the earning principle.
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16.
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
WHAT IS ACCOUNTING
Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
How to define Inter company Transaction in Account Receivable? Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar g
on January 1,20x1,A had 200,000 shares of $5 par value common stock outstanding. On January 15 declared a cash dividend of $0.5 a share
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