Homework Answers
Answer - part (b) Revenue Recognition concept.
Explanation:- As per the Revenue Recognition Concept. Revenue is recorded in the income statement when it is earned irrespective of the fact whether it is received or not.
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Revenue is reported on the income statement in the period earned. The accounting concept supporting this...
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
how are revenue and expenses reported on the income statement under cash basis of accounting and...
how are revenue and expenses reported on the income statement under cash basis of accounting and the accrual basis of accounting?
Suppose a company earned $100,000 this accounting period and has collected $80,000 of what it earned....
Suppose a company earned $100,000 this accounting period and has collected $80,000 of what it earned. If the company reports revenue of $100,000, this company is reporting under which basis of accounting? There is not enough information to know Accrual Basis Deferred Basis Cash Basis
Suppose a company earned $100,000 this accounting period and has collected $80,000 of what it earned....
Suppose a company earned $100,000 this accounting period and has collected $80,000 of what it earned. If the company reports revenue of $100,000, this company is reporting under which basis of accounting? There is not enough information to know Accrual Basis Cash Basis Deferred Basis
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. Revenue Recognition 1. Transaction Approach E. Business Entity J. Historical Cost Insert the applicable letter below Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income and later...
Interest revenue earned on held-to-maturity debt investments is reported on the income statement in the ________...
Interest revenue earned on held-to-maturity debt investments is reported on the income statement in the ________ section. A. operating income B. current assets C. noncontrolling interest D. other income and expenses
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. E. Revenue Recognition Business Entity I. Transaction Approach J. Historical Cost Insert the applicable letter below i. Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income...
QUESTION 18 At the end of the accounting period, an adjusting entry is made to reflect...
QUESTION 18 At the end of the accounting period, an adjusting entry is made to reflect revenues earned (performance obligations have been satisfied), but cash is not yet collected. This is required due to which method of accounting? a. Accrual basis method of accounting b. Full disclosure C Cash basis method of accounting d. Expense recognition e. Transaction approach QUESTION 19 Symonds Manufacturing has a December 31 year-end. Major flooding occurred on January 18 due to record snow and rainfall,...
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U...
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U are reported on the income statement at the same time expenses related to the revenues are repor O are reported on the income statement for the time period in which the revenue was earned. O can only be reported annually.
Suppose a company earned $100,000 this accounting period and has collected $80,000 of what it earned. If the company reports revenue of $100,000, this company is reporting under which basis of accounting? There is not enough information to know Accrual Basis Cash Basis Deferred Basis
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. Revenue Recognition 1. Transaction Approach E. Business Entity J. Historical Cost Insert the applicable letter below Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income and later...
QUESTION 18 At the end of the accounting period, an adjusting entry is made to reflect revenues earned (performance obligations have been satisfied), but cash is not yet collected. This is required due to which method of accounting? a. Accrual basis method of accounting b. Full disclosure C Cash basis method of accounting d. Expense recognition e. Transaction approach QUESTION 19 Symonds Manufacturing has a December 31 year-end. Major flooding occurred on January 18 due to record snow and rainfall,...
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U are reported on the income statement at the same time expenses related to the revenues are repor O are reported on the income statement for the time period in which the revenue was earned. O can only be reported annually.
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