Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in...
Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue?
Select one:
A.
Matching
B.
Realization principle
C.
Materiality
D.
Depreciation
Homework Answers
According to matching principles, Revenue and expense under one period should be off set..
So Answer is a) matching
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Which of the following accounting principles is concerned with
offsetting revenue with the expenses incurred in...
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate...
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported? A. Expense recognition principle B. Business entity assumption C. Revenue recognition principle D. Cost principle
1)Which of the following errors would be disclosed by preparation of a trial balance? A. The...
1)Which of the following errors would be disclosed by preparation of a trial balance? A. The collection of an account receivable was recorded by a debit to the Land account rather than to the Cash account.B. The collection of an account receivable for $219 was incorrectly recorded by a $291 debit to Cash and a $291 credit to Accounts Receivable.C. The collection of a $365 account receivable was not recorded at all.D. The collection of a $325 account receivable was...
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
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of...
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
respond to this discussion 2 parapgraph Week #2 Discussion Subscribe Generally Accepted Accounting Principles (GAAP) require...
respond to this discussion 2 parapgraph
Week #2 Discussion Subscribe Generally Accepted Accounting Principles (GAAP) require that R&D costs be treated as an expense as the R&D is incurred. In the pharmaceutical industry, this is generally over a period of many years in which no revenue from a drug is earned. When the drug is finally commercialized and revenues are earned, most of the R&D has been completed. This doesn't seem to comply with the matching principle of accounting which...
accounting principle
What is Accounting principle?Accounting principles are fundamental guidelines that shape the discipline of accounting, providing a structured framework for recording, reporting, and analyzing financial transactions. These principles, integral to maintaining consistency, accuracy, and transparency in financial reporting, include the accrual principle, emphasizing the recording of transactions when they occur rather than when cash changes hands. The consistency principle underscores the importance of applying chosen accounting methods uniformly over time, fostering comparability across financial statements. The materiality principle advocates for the...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Multiple choice accounting questions. Assume the following facts regarding the construction of a bridge: Construction costs...
Multiple choice accounting questions.
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...
c. Expenses decrease stockholders' equity. d. Expenses are a negative factor in the computation of net...
c. Expenses decrease stockholders' equity. d. Expenses are a negative factor in the computation of net income 26. A revenue account a is increased with a debit b is decreased with a credit c. is increased with a credit. d. has a normal balance of a debit. 27. The Dividends account a. appears on the income statement along with the expenses of the business b mast show transactions every accounting period. c. is increased with debits and decreased with credits...
3. The common set of standards and procedures by which audited financial statements are prepared is...
3. The common set of standards and procedures by which audited financial statements are prepared is known as the: A. B. C. matching principle. cash flow identity. Generally Accepted Accounting Principles. Financial Accounting Reporting Principles. Standard Accounting Value Guidelines. D. 4. Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time? income statement balance sheet statement of cash flows tax reconciliation statement market value report
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
respond to this discussion 2 parapgraph
Week #2 Discussion Subscribe Generally Accepted Accounting Principles (GAAP) require that R&D costs be treated as an expense as the R&D is incurred. In the pharmaceutical industry, this is generally over a period of many years in which no revenue from a drug is earned. When the drug is finally commercialized and revenues are earned, most of the R&D has been completed. This doesn't seem to comply with the matching principle of accounting which...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Multiple choice accounting questions.
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...
c. Expenses decrease stockholders' equity. d. Expenses are a negative factor in the computation of net income 26. A revenue account a is increased with a debit b is decreased with a credit c. is increased with a credit. d. has a normal balance of a debit. 27. The Dividends account a. appears on the income statement along with the expenses of the business b mast show transactions every accounting period. c. is increased with debits and decreased with credits...
3. The common set of standards and procedures by which audited financial statements are prepared is known as the: A. B. C. matching principle. cash flow identity. Generally Accepted Accounting Principles. Financial Accounting Reporting Principles. Standard Accounting Value Guidelines. D. 4. Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time? income statement balance sheet statement of cash flows tax reconciliation statement market value report
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