Homework Answers
1. Income is increase in economic benefits during the reporting period in the form of inflows or increase in assets or decrease in liabilities that result in increase in equity, other than those relating to contributions from the equity participants. Income is wider term which includes revenue and gains. For example: Gain on sale of assets, gain on sale of investments
Revenue is income that is generated in the course of ordinary activities of any entity and it can be sales, fees, dividend, interest and royalties.
The distinction has been made to distinguish between operating activities and non operating activities. Revenues are associated with operating activities and Income is a more comprehensive term than revenue which includes non –operating income also.
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please type up the answers. Conclusions. Questions for further thought and comprehension: 1. What did you...
please type up the answers.
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Distinguish between the accounting for capital expenditures and revenue expenditures. What is the key difference between the two? Go online and type in your favorite search engine, "capital expenditure policy." Why do you think there needs to be a policy about capital expenditures? Keep in mind, how each type impacts the financial statements. Please read below taken from Chapter nine: Ethics: Don't Do It! Capital Crime One of the largest accounting frauds in history involved the improper accounting for maintenance...
please type up the answers.
Conclusions. Questions for further thought and comprehension: 1. What did you determine to be the concentration of the original bacterial culture? Do you think your results are accurate? Explain why or why not. 2. Did you have a countable number of colonies on more than one of your plates? Assume you had two plates that had countable numbers of colonies, one with 124 colonies (and a dilution factor of 1/1.000) and one with 11 colonies...
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