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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.
with help of illustrations,comment on final accounts
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 p
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prep
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Define Accounting. Briefly explain the accounting concept which guide the accounting at the recording stage?
find cost of goods sold
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
It is a national organization of female accountants in America that plans to further the interests of women in the accounting career. The American Society of Women Accountants (ASW
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