What two conditions must be met for a company to recognize revenue from a transaction or event
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
Revenues should be both realized assets exchanged for cash or a claim to cash and earned prov...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
What two conditions must be met to go from Formula 10-7 to Formula 10-8 in using the dividend valuation model?
-
What two conditions must be present for the auditor to issue an unqualified opinion on internal control over financial reporting? What type of condition will cause the auditor to issue a qualified or...
-
What requirements must be met for a nuncupative will to be valid, that is, what are the elements?
-
The table shows the fees for refund anticipation loans (RALs) offered by an online tax preparation firm. Find the annual rate of interest for each of the following loans. Assume a 360-day year. (A) A...
-
Minnie is one producer in the perfectly competitive pearl industry. Minnie's cost curves are shown on the right. Pearls sell for $100, and in maximizing profits, Minnie produces 1,000 pearls per...
-
North Dakota Electric Company estimates its demand trend line ( in millions of kilowatt hours) to be: D 5 77 1 0.43Q where Q refers to the sequential quarter number and Q 5 1 for winter of Year 1. In...
-
Measures of Location The values of P 50 , Q 2 , and the median are found for the net incomes reported on all individual 1040 tax forms filed last year. What do those values have in common?
-
Selected financial data of two competitors, Blockbuster Inc. and Movie Gallery, Inc., in a recent year are presented below and on page 91. (All dollars are in millions.) InstructionsFor each company,...
-
eBook Show Me How Entries for equity investments: less than 20% ownership On February 22, Triangle Corporation acquired 4,700 shares of the 165,000 outstanding common stock of Jupiter Co. at $37.80...
-
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...
-
What is the principal justication for using historical costs instead of current values as the primary valuation basis for assets? Could the use of historical costs create any difficulties for users?...
-
What information is contained in a general journal? Why does a business need both a general journal and a general ledger?
-
A Pelton wheel of 12-ft pitch diameter operates under a new head of 2000 ft. Estimate the speed, power output, and flow rate for best efficiency if the nozzle exit diameter is 4 inches.
-
a companys sales revenue in 2010 was $120,000. the management expects the revenue growth of 4% per year. find the sales projection in 2018.
-
Youngs Specialized Cruises plans to issue preferred stock at a price of $64 per share. The annual dividend will be $4.48 per share and issuance costs are expected to be $1.00 per share. What is the...
-
You have a student loan of $15,000 with annual interest of 7.0%/year and have received an unexpected bonus from work of $5,000. Should you put the cash towards paying off your loan or to buy Treasury...
-
Consider the purchase of a stock at the beginningof Year 1 at $40 per share. During the years1 through 4, you have the following results: Year Dividend at end of the period Ending stock price 1 ...
-
Do the significant technology industry layoffs indicate a "failing grade" for their workforce planning efforts? Why or why not?
-
When a rocket reaches altitude h 1 it begins to travel along the parabolic path (y h 1 ) 2 = b x. If the component of velocity in the vertical direction is constant at v y = v 0 , determine the...
-
Which task is performed by a book-keeper? A. Analysing the trading results B. Entering transactions in the ledger C. Preparing year-end financial statements D. Providing information for...
-
Brenda's Bees is considering the purchase of new honey processing equipment. The equipment would cost $100,000, have an expected life of 7 years, and save the firm $28,000 annually in maintenance,...
-
You have just invested $60,000 in a bank account that guarantees to pay you 6 percent interest, compounded annually. At the end of 5 years, how much money will have accumulated in your investment...
-
You have just purchased a new car, making a down payment of $8,000 and financing the balance of the purchase cost on an installment credit plan. According to the credit agreement, you will pay $600...
-
Ray, a high-net worth individual, is a new client of your CPA firm during tax season in the spring of 20X1. Ray tells you about an investment of his during 20X0. When you tell Ray that his investment...
-
Give an example of an opportunity cost that an accountant would not count as a cost. Why would the accountant ignore this cost? An accountant would not count the owners opportunity cost of...
-
We choose the parameter where L(0) = Rd to minimize the regularized empirical risk, L(0) + Xr(0), (x, y) is the empirical loss, r(0) is the regularizer, and > >0 is the regularization parameter. (The...
Study smarter with the SolutionInn App