Which accounting principle supports reporting revenues in the priod they are earned? Select one: a. accounting...
Which accounting principle supports reporting revenues in the priod they are earned?
Select one:
a. accounting period
b. revenue recognition
c. matching
d. cash basis
Homework Answers
Correct answer : b) Revenue recognition
Reason : Revenue recognition principal states that revenue should be recognised in the year in which it is earned which is based on some criteria.
Matching principle of accounts states that expense of a year should be matched with its revenue earned
Accounting period principle deals with reporting of financial statements for a specified duration (period)
Cash basis deals with recording on revenue on receipts basis
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Which accounting principle supports reporting revenues in the
priod they are earned?
Select one:
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Quick multiple choice accounting questions. I will rate if all
answered thank you!
Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed-contract method for long-term construction projects Select one True False At the end of the accounting period, three trial balances are prepared. Select one: O True O False The conceptual framework project resulted in identifying two primary qualitative characteristics that accounting information should possess relevance and reliability Select one True...
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Assume the following facts regarding the construction of a bridge: Construction costs this period - 3,000,000 Total estimated construction costs - 10,000,000 Total sales price -15,000,000 The revenue that should be recognized this period is: Select one or more a 6,500,000 b. 4,500,000 c 5,000,000 d 3,000,000 Exceptions to the realization principle include the installment basis of revenue recognition for sales revenue and the completed contact method for long-term construction projects Select one: True False At...
The revenue recognition principle a. determines when revenue is credited to a revenue account b. is not in conflict with the cash method of accounting c. controls all revenue reporting for the cash basis of accounting d. states that revenue is not recorded until the cash is received
dubidder with cred ped the income taxes are paid The principle matches The 1.000 GAAP 1100, is the the customer a statement on 12/5 and receives principle When should recogidos counting principles require the application of the revenue recognition principle the recognition principle could lead to a misstatement of revenue the principle because revenue issues are always easy to identify and when ch is received is an objective application of the revenue recognition proce warehas made the revenue recognition easy...
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