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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.
Houston Corporation has the following stock outstanding: In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Write short notes on 5 modern accounting techniques
why would a bank be interested in the investment ratios of its customer firms..
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
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A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
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