Explain whether a company must have an inflow of an asset to be able to recognize revenue.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Revenues are inflows of assets or reductions of liabili...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Accounting questions
-
Give some everyday examples of situations in which friction is beneficial.
-
Explain why a company must have highly effective internal controls over cash.
-
Provide two examples of situations in which risk managers are concerned about damage to the property of others.
-
If the molecular weight of air is 28.9, what is the density of air at atmospheric pressure and a temperature of 328.2 K? 1 atm = 1.013 x 10 5 N/m, the mass of a proton is 1.67262 x 10 -27 kg,...
-
For 2016, Essence Company, a calendar year taxpayer, will change from using the cash method for tax purposes to the accrual method. At the end of 2015, Essence had the following items: Accounts...
-
Lincolnshire Lumber sells boards for many uses including wood floors. For floors, the boards are sold to local installers or do - it - yourself homeowners. The boards go through up to four processes,...
-
Consider \(100 \mathrm{ft}^{3} / \mathrm{s}\) of water flowing down a rectangular channel measuring \(10 \mathrm{ft}\) wide. The normal depth is \(3.00 \mathrm{ft}\). A 4.0-ft-diameter pier is...
-
In American football, touchdowns are worth 6 points. After scoring a touchdown, the scoring team may subsequently attempt to score one or two additional points. Going for one point is virtually an...
-
Calculate and report the classification accuracy for the given confusion matrix. 215 0 2 0 5 2 224 0 135 34 0 2 40 211 0 16 368 1 0 12 397 1 0 2 458 0 0 461 3 0 1 20 183 183 30 237 36 219 o 187 419...
-
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
-
For the following situations, indicate the date on which revenue would be recognized, assuming the accrual basis of accounting. _____________a. On June 10, a customer orders a product over the phone....
-
Assume that a company purchases merchandise for resale on December 20, 2010. The merchandise is still on hand on December 31, the companys year-end. On January 12, 2011, the merchandise is sold to a...
-
Given a memory with a 24-bit address and 8-bit word size, (a) How many bytes can be stored in this memory? (b) If this memory were constructed from 1K 1-bit RAM chips, how many memory chips would be...
-
What is the result of executing the following program? A. 15 B. 25 C. 35 D. One line does not compile. E. Two lines do not compile. F. The program compiles but throws an exception at runtime. public...
-
Which statement is true about encapsulation while providing the broadest access allowed? A. Variables are private, and methods are private. B. Variables are private, and methods are public. C....
-
What is the output of the following application? A. 1 B. 2 C. 12 D. The code does not compile. E. The code compiles but throws an exception at runtime. F. None of the above. package holiday; enum...
-
Which of the following can replace the body of the travel() method to produce the same output on any nonempty input? public void travel (List roads) { for (int w= 1; w 0; t--)...
-
What variable type of red allows the following application to compile? package tornado; public class Kansas { public static void main(String[] args) { int colorOfRainbow = 10; red = 5;...
-
Using your favorite Web search engine, find alternative descriptions of the basic characteristics of objectoriented systems.
-
Privitera and Freeman (2012) constructed a scale to measure or estimate the daily fat intake of participants; the scale was called the estimated daily intake scale for fat (EDIS-F). To validate the...
-
Does this example reflect an inevitable consequence of the use of poor job design in both the manufacturing and service sectors, as human beings will always seek to influence their surroundings to...
-
Cass Corp.s December 31, 2013, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2014. Current...
-
The following account balances are taken from the records of Martin Corp. for the past two years. (Credit balances are shown in parentheses.) Other information available for 2014 is as follows: a....
-
The following account balances for the non-cash current assets and current liabilities of Suffolk Company are available: Net income for 2014 is $40,000. Depreciation expense is $20,000. Assume that...
-
What is the balance in Work in Process Inventory at the end of each month? Work in Process Inventory April 30 $ May 31 A 10,140 15,950 June 30 $ 10,450
-
Sako Company s Audio Division produces a speaker used by manufacturers of various audio products. Sales and cost data on the speaker follow: Selling price per unit on the intermediate market $ 6 0...
-
Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales Variable expenses Contribution margin Fixed expenses...
Study smarter with the SolutionInn App