Explain the realization principle.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
Income is not recognized included in gross income until the ...View the full answer
Answered By
Ehsan Mahmood
I’ve earned Masters Degree in Business Studies and specialized in Accounts & Finance. Couple with this, I have earned BS Sociology from renowned institute of Pakistan. Moreover, I have humongous teaching experience at Graduate and Post-graduate level to Business and humanities students along with more than 7 years of teaching experience to my foreign students Online. I’m also professional writer and write for numerous academic journals pertaining to educational institutes periodically.
4.90+
248+ Reviews
287+ Question Solved
Related Book For
Taxation For Decision Makers 2017
ISBN: 9781119330417
7th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
Question Posted:
Students also viewed these Taxation questions
-
The realization principle, which recognizes revenues at point of sale, is said to be an accounting principle that improves the quality of reporting. Companies cannot estimate their future revenues;...
-
What is the realization principle, and why may it lead to a difference in the timing of when revenues are recognized on the books and cash is collected?
-
The realization principle determines when a business should recognize revenue. Listed next are three common business situations involving revenue. After each situation, we give two alternatives as to...
-
Consider a country that imports steel and exports automobiles. The value per unit of cars exported is measured in units of thousands of dollars per car by the random variable X. The value per unit of...
-
An electric motor has an effective resistance of 32.0 and an inductive reactance of 45.0 when working under load. The rms voltage across the alternating source is 420 V. Calculate the rms current.
-
The comparative balance sheet of Coulson, Inc. at December 31, 2014 and 2013 is as follows: The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2014 are as follows:...
-
What is the rate earned on average total assets?
-
1. At a special meeting, the board of directors of Family Federal Savings & Loan Association asked Newton, its president, manager, and director, to resign. He did so. Shortly thereafter, a reporter...
-
All of the following are disadvantages of captive insurance companies EXCEPT: A. Captives generally result in higher premiums for the line(s) of coverage placed in the captive. B. Establishing a...
-
Does the civil law system offer any advantages over the common law system, or vice versa? Explain.
-
Locate and read the following two cases: J.B.S. Enterprises, Inc., T.C. Memo 1991-254,61 TCM. 2829, 1991 PH T.C. Memo 91,254 Summit Publishing Company, Inc., T.C. Memo 1990-288,59 TCM. 833, 1990 PH...
-
Explain how the community property laws can affect the allocation of income between spouses.
-
Distinguish between the benefits-received and the ability-to-pay principles of taxation. Which philosophy is more evident in our present tax structure? Justify your answer. To which principle of...
-
Determine whether the following trajectory lies on either a circle in R 3 or a sphere in R centered at the origin. If so, find the radius of the circle or sphere, and show that the position vector...
-
Consider the following equation. f(x, y) = y/x, P(1, 3), (a) Find the gradient of f. u = 24 4 Vf(x, y) =
-
Let f be a function with continuous f such that f(2) = 0, f (2) = 3, and f (2) = 4. Evaluate the following limits: (a) lim x0 f(2x)f(2+5x) X (b) lim 0+x 4f(2+3x) + f (2) - 3(2+4x) x
-
2. You should now carry out an evaluation and report on the success of the marketing strategy and plan developed in the previous activity. The evaluation and report should be based on these criteria:...
-
Please revise the program for this week's MVCC Luncheon for Thursday. Make the changes indicated below. Add the following items to Old Business: + Report from Professional Development Committee...
-
Refer to the information in QS 20-10. Assign costs to the Assembly departments outputspecifically, the units transferred out to the Painting department and the units that remain in work in process in...
-
For each equation, (a) Write it in slope-intercept form (b) Give the slope of the line (c) Give the y-intercept (d) Graph the line. 7x - 3y = 3
-
Charles pays $120,000 for a single-life annuity that pays him $11,000 a year for life. Treasury Department tables estimate his remaining life to be 15 years. a. How much of each $11,000 payment must...
-
Charles pays $120,000 for a single-life annuity that pays him $11,000 a year for life. Treasury Department tables estimate his remaining life to be 15 years. a. How much of each $11,000 payment must...
-
Barney retired from the Marlin Corporation where he worked for 25 years. Barney elects to receive his retirement benefits as an annuity over his remaining life, resulting in annual payments of...
-
Louis files as a single taxpayer. In April of this year he received a $910 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income...
-
6 Lester and Forrest Scruggs have presented you with the following information for Scruggs, Inc. For 2021 they would like for you to 7 complete a(n) 1 adjusted Trial Balance (prepare this on a...
-
A small departmental store buys and sells products from various companies. They buy some of the products at discounted prices when they order large numbers. They sell all their products 20% above the...
Study smarter with the SolutionInn App