Revenues and expenses must be recorded in the accounting period in which they were earned or incurred,
Question:
Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods?
A. Accrual basis accounting
B. Cash basis accounting
C. Tax basis accounting
D. Revenue basis accounting
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
The Correct Answer is A Accural Basis Accou...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
A receipt is proof of payment that is given to anyone who purchases merchandise. On the receipt, we can find the price of the goods, the date, the description of the product, and the taxes payable....
-
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...
-
The IFRS Framework, paragraph 22, states: In order to meet their objectives, financial statements are prepared on the accrual basis of accounting. Under this basis, the effects of transactions and...
-
Exercises 11-16: For the measured quantity, state the set of numbers that most appropriately describes it. Choose from the natural numbers, integers, and rational numbers. Explain your answer....
-
Evaluate the following statement: "My mutual fund has outperformed the market for the last four years. How can the market be efficient?"
-
During 2017, Seagul Outboards sold 200 outboard engines for $250 each. The engines are under a one-year warranty for parts and labor, and from past experience, the company estimates that, on average,...
-
Calculate the energy density versus temperature very early in the universe when the temperatures were above \(k T=300 \mathrm{MeV}\). At those temperatures, quarks and gluons were released from...
-
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2012, Loxley took part in the following selected transactions. 1. Issued 5,000 shares of stock at $45 per...
-
X Ltd. (X) purchased 40% of Y Ltd. (Y) on January 1, 2022, for $400,000. Y paid dividends of $50,000 in each year. Y's income statements for 2022 and 2023 showed the following. Time left 1:29:35 2022...
-
Margie Company needs your help to record and summarize its accounting transactions for 2021 and to prepare its financial statements for that year. Margie Company provided you with the following...
-
Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requested that you explain to them why the net income that you are reporting for the year is so low,...
-
Why do adjusting entries always include both balance sheet and income statement accounts?
-
What two pieces of information are necessary to detect an edge?
-
What are the causes of prejudice and racism generally in speaking? explain with example
-
Once you create a budget, it is important to be responsible and follow it. Explain why following a budget is important, and describe what could happen if you don't follow it?
-
Imagine that you are a parent with young children. You want to get life insurance covering your children's lives until they are old enough to produce their own incomes and buy their own insurance....
-
Using the Internet , thoroughly summarize a response Why is it important to record sales transactions in the correct transaction category for QuickBooks Online? Include the web address of your source.
-
How do individuals become involved with social norm groups and How do sociologists explain the differences in social norm? Explain
-
In Exercises 1-2, find all of the eigenvalues of the matrix A over the complex numbers C. Give bases for each of the corresponding eigenspaces. 1. 2. 0 1
-
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...
-
Cable paper company produces many colors of paper. The current popular color is grey. To increase the production of grey paper, a decision must be made to determine what color must be dropped. The...
-
Balcom Dairy gathered this data about the two products that it produces: Which of the products should be processed further? Product Cream Milk Current Sales Value $ 9,000 14,000 Estimated Added...
-
Ralston Dairy gathered this data about the two products that it produces: Which of the products should be processed further? Product Frozen yogurt Ice cream Current Sales Value $ 8,000 12,000...
-
Write an esaay on nosql and bioinformatics ?
-
You worked with MongoDB, a NoSQL database, and developed structures using models and schema. Explain the role of middleware in implementing the coding tasks. What questions do you still have about...
-
Discuss two advantages and two disadvantages of NoSQL databases.?
Study smarter with the SolutionInn App