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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.
a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
how the minority interest will be calculated?
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
Calculate the amount of interest for each of the following independent situations (assume 365 days per year): a)
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
It dates from the development of huge scale business and the advent of Joint Stock Company as a form of business that enables the public to participate in giving capital in return
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