One single rule cannot govern the revenue and expense recognition for all the type of business enterprises,

Question:

“One single rule cannot govern the revenue and expense recognition for all the type of business enterprises, even in the same business enterprises different rules are applicable at different times.” Do you agree? Discuss.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 15, 2023 11:39 PM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Petitioner, Leegin Creative Leather Products, Inc. (Leegin), designs, manufactures, and distributes leather goods and accessories. In 1991, Leegin began to sell belts under the brand name Brighton....
Googles ease of use and superior search results have propelled the search engine to its num- ber one status, ousting the early dominance of competitors such as WebCrawler and Infos- eek. Even later...
Two bars AB and BC of negligible weight are attached to a single spring of constant k that is unstretched when the bars are horizontal. Determine the range of values of the magnitude P of two equal...
Given three lightbulbs and a battery, sketch as many different circuits as you can.
Suppose your expectations regarding the stock price are as follows: Use Equations 5.11and 5.12 to compute the mean and standard deviation of the HPR on stocks. State of the Market Boom Normal growth...
An 800-kg car moving at $108 \mathrm{~km} / \mathrm{hr}$ hits and gets entangled with a large truck of inertia $10,000 \mathrm{~kg}$ initially at rest. What is the kinetic energy of the wreckage?...
Accel Express, inc. collected the following information on where to locate a warehouse (1 = poor, 10 = excellent): a. Which location, A or B, should be chosen on the basis of the total weighted...
65. Doubling the initial concentration of a reactant doubles t1/2 of the reaction then order of reaction is :- (1) 3 (2) 2 (3) 1 (4) Zero
Bangla Cricket Association (BCA) organizes cricket matches and Tamil Patrika (TP), a state-level newspaper published in Telegu. During state-level cricket competitions, BCA provided space to put...
Following consistent policy about revenue recognition is must to have true and fair view about the financial performance of a business enterprise. Explain.
In the circuit of Fig. 4-48 find the contribution of each source to V A , V B , and V C , and show that they add up to the values found in Problems 4.36 and 4.37. Data from Problem 4.36 In the...
A box without a lid is made from a 2/3-inch-thick piece of wood. The interior length will be 6 feet, the interior width will be 3 feet, the interior depth will be 4 feet, Determine the approximate...
Ace Superstore, a retail grocery outlet in Soweto, has seen substantial growth in revenue and profit over the past year. As a result of this growth, the board have voted to expand operations by...
2. Currency pegging refers to the practice of locking a currency's exchange rate to another country's currency. As it has its own merits and drawbacks, express your opinion to agree or disagree on...
a) What is arbitrage? And what are the different types of arbitrage? B) Can arbitrage strategies be risky when price convergence is not guaranteed? Clearly describe and outline 1 real-life example to...
Company X reported net income of $30000 in the income statement of year 2023. The following information was reported in that income statement: Rent revenue $1.000 Gain on sale of car used in...
Tetra Companys cost system assigns marketing, distribution, and selling expenses to customers using a rate of 33% of sales revenue. The new controller has discovered that Tetras customers differ...
An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the...
State the rules of debit and credit as applied to (a) Asset accounts, (b) Liability accounts, and (c) The owners equity accounts (revenue, expenses, owners drawing, and owners capital).
What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Owners Drawing. (d) Accounts Payable. (e) Service Revenue. (f) Salaries Expense. (g) Owners...
Indicate whether each of the following accounts is an asset, a liability, or an owners equity account and whether it has a normal debit or credit balance: (a) Accounts Receivable, (b) Accounts...
Consider the following code segment. int values {{1, 2, 3), (4, 5, 6}}; int x=0; for (int j=0; j
12. What is the output of the code given below? int main() { for (int i = 0; i < 3; ++i) { } printf("%d", i); printf("%d", i); return 0; }
The figure depicts the sum of two velocities, VA and VB. The magnitude of the sum is 5.5 m/s and the angles shown in the image are 01 = 29.5, and 02 = 15.5 1.Find the magnitude of velocity V in...

One single rule cannot govern the revenue and expense recognition for all the type of business enterprises,

Question:

Step by Step Answer:

I tend to agree with the statement that a single rule cannot govern revenue and expense recognition for all types of business enterprises and within a ...View the full answer

Financial Accounting

Students also viewed these Business questions