Homework Answers
If revenues are recognized and recorded when earned, the company is using the accrual basis of accounting.
Correct option is (B)
Under accrual basis of accounting, Revenue and expenses are recorded at the time of their occurence. It does not matter when cash settlement takes place.
Under cash basis of accounting, revenue and expenses are recorded at the time of cash settlement.
Under cash basis of accounting, it does not matter when revenues and expenses occurs.
Add Answer to:
If revenues are recognized and recorded when earned, the company is using the: A. cash basis...
under the modified accrual basis of accounting revenues should be recognized when spent earned realizable avaiable
under the modified accrual basis of accounting revenues should be recognized when spent earned realizable avaiable
Under accrual accounting, when is revenue recognized? When is expense recognized? Under cash accounting, when is...
Under accrual accounting, when is revenue recognized? When is expense recognized? Under cash accounting, when is revenue recognized and when is expense recognized? FASB (Financial Accounting Standards Board) requires the use of which basis of accounting, accrual or cash?
Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific...
Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific accounts are actually written off. true or false When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid. true or false Under the accrual basis of accounting, only income that has been earned appears on the income statement. true or false
1) If a company is using accrual basis accounting, when should it record revenue? A) when...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
According to the revenue principle, revenues should be recognized when they are earned, which happens when...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which...
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which cash has yet to be received. b. advanced payment of revenues earned c. unrecorded revenues that haven't been recognized and for which cash has yet to be received. d. advanced receipt of future services provided
The approach to preparing financial statements based on recognizing revenues when they are earned and matching...
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: The operating cycle of a business The revenue recognition principle The matching principle Accrual basis accounting Cash basis accounting
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues...
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
Which basis of accounting is used by funds that have a current financial resources measurement focus?...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: The operating cycle of a business The revenue recognition principle The matching principle Accrual basis accounting Cash basis accounting
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
Most questions answered within 3 hours.
-
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 49 minutes ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 1 hour ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 2 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 2 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 3 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 3 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 4 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 5 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 5 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 5 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 6 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 6 hours ago