Which is not the conditions met for revenue

Assignment Help Accounting Basics

Reference no: EM13259656

A. Which of the following is not one of the four conditions that normally must be met for revenue to be recognized according tothe revenue principle for accrual basis accounting?

a. The price is fixed or determinable.

b. Services have been performed.

c. Cash already has been collected.

d. Evidence of an arrangement for customer payment exists.

B. The matching principle controls

a. Where on the income statement expenses should be presented.

b. How costs are allocated between Cost of Goods Sold (sometimescalled Cost of Sales) and general and administrative expenses.

c. The ordering of current assets and current liabilities on thebalance sheet.

d. When costs are recognized as expenses on the income statement.

Reference no: EM13259656

Questions Cloud

Determine the output of the generator in watts : A small gasoline engine can put out 18,000 N-m/min of mechanical power. The engine is used to drive an electrical generator that is 80 percent efficient. 1 N-m = 2.78 X 10-4 W-h. Find the output of the generator in Watts.

What is the value of the current density : The quantity of charge q (in coulombs) that has passed through a surface of area 1.90 cm2 varies with time according to the equation q = 8t3 + 8t + 6, What is the value of the current density

Compute the ka value for the unknown acid : A solution of 0.0041 M of an unknown acid has a pH of 3.195. Calculate the Ka value for the unknown acid, HA.

Ddesign a program that calculates the total amount : Ddesign a program that calculates the total amount of a meal amount of a meal purchased at a restaurant. The program should ask the user to enter the charge for the food

Which is not the conditions met for revenue : Which of the following is not one of the four conditions that normally must be met for revenue to be recognized according tothe revenue principle for accrual basis accounting?

How much time will torque take to rotate : A torque of 18 N-m is applied to a rotating part. The moment of inertia is 0.078 kg-m2. How much time (in seconds) will it take to rotate the part 180°?

Compute the time required for the system to reach : A certain substance, intially present at 0.950 M, decomposes by first-order kinetics with a rate constant of 1.25 x10-2 mol m-1 s-1. calculate the time (in seconds) required for the system to reach a concentration of 0.431M

What is the number of moles in the tank : A 16 cm-diameter compressed-air tank is 70cm tall. The pressure at 30 degrees C is 130 atm. What is the number of moles in the tank

Predetermined overhead rate question : The estimated manufacturing overhead at the beginning of the year used in predetermined overhead rate must have been:

User Account

All Pages