Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem
What is the revenue recognition principle and when is revenue considered recognized?
A. Under U.S. GAAP, the revenue recognition principle is used to guide the timing of revenue recognition. It states that revenue is recognized when it is realized or realizable and earned. An item is considered realized orrealizable when a good or service has been exchanged for cash or claims to cash. Revenues are considered earned "when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues."
B. Under U.S. GAAP, the revenue recognition principle is used to guide the timing of revenue recognition. It states that revenue is recognized when it is realized or realizable and earned. An item is considered realized orrealizable when "when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues." Revenues are considered earned when a good or service has been exchanged for cash or claims to cash.
C. Under U.S. GAAP, the revenue recognition principle is used to determine whether or not revenue should be recognized. It states that revenue is recognized when it is earned. An item is considered earned when a good or service has been exchanged for cash, or when the company receives the right to bill with the expectation that the customer will pay the amount billed.
D. Under U.S. GAAP, the revenue recognition principle is used to determine whether or not revenue should be recognized. It states that revenue is recognized when it is realized. An item is considered realized when a good or service has been exchanged for cash.
Prepare general journal entries on December 31, 2015 to record the following unrelated year-end adjustments
If you were the IS manager for a large manufacturing company, what issues might you have with the use of open source software? What advantages might therebe for useof suchsoftware?
At December 31, 2010, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income.
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
How should the gain or loss be divided between Pryor and Lester?
acme corporation purchased a new machine on september 30 20x1 at a cost of 23000. the machine is expected to last five
a professional service firm uses a normal pricing markup on jobs that is 400 of direct professional labor and an
Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30
Based on the Smart Money survey, what is the salary range for a junior staff accountant with Deloitte & Touche?
if the standard to produce a given amount of product is 1000 units of direct materials at 11 and the actual was 800
in the month of november a department had 500 units in the beginning work in process inventory that were 60 complete.
chicago co. is interested in purchasing a machine that would improve its operational efficiency. the cost is 200000
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd