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Which action of john marketing company is justified by

Assignment Help Financial Accounting
Reference no: EM132825657

Problem 1) According to the accruals concept of accounting, financial or business transaction is recorded:

a. When transaction 0ccurs

b. When profit is computed

c. When balance sheet is prepared

d.When cash is received or paid

Problem 2) The John Marketing Company provides advertising services to an investment company in year A but receives advertising fee in year B. The John Marketing Company recognizes this revenue in year A. This action of John Marketing Company is justified by:

a. Revenue recognition principle

b. Business entity concept

c. Going concern concept

d. Economic entity concept

Reference no: EM132825657

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