Question: Can you answer that for me and explain why? 17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in

Can you answer that for me and explain why?

17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Choose the best answer for each of the following questions [20* 2 mark each]: 1. The system of preparing financial statements based on recognizing revenues when the cash is received and reporting...

1. The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called: A. Cash basis accounting. B. Operating...

Do part D of the financial analysis project. You'll need information from the income statement on page 33 of the Key Tronic 10-K (page 39 of the PDF). The Management Discussion and Analysis starting...

A. At the time of the case, what are the types of products that Apple sells, and the types of services that Apple provides? Be specific. B. In general, what is the criteria for revenue to be...

1. Compute financial ratios for Babson Coffee for the years 2018-2020 in the space provided in the spreadsheet. You may insert any additional ratios you feel are necessary to evaluate Babson's...

I need answers for my reviewer. 1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B...

Please answer the questions in the attachment. I do not understand this at all. Section 1 Part 1 Companies often are under pressure to meet or beat Wall Street earnings projections in order to...

get accounting theory answers for questions in the attachment Case 5-5 Revenue Recognition Revenue is usually recognized at the point of sale. Under special circumstances, however, bases other than...

On a financial statement, the term Cash and equivalents or Cash and cash equivalents includes more than just cash on hand. Checking accounts, savings accounts, and even some very short-term...

Assignment Task: You are required to conduct a literature search and critically review a costing system in this assignment. Part A Choose ONE of the costing systems studied in this unit from the list...

1. Elemental Electronics works in a very competitive industry. Their operations manager has suggested that they should use linear programming more explicitly in their production planning. With the...

Two vectors have length V1 = 3.5 km and V2 = 4.0 km. What are the maximum and minimum magnitudes of their vector sum?

5 Are the preserved specimens found in museums of any use in science today? Explain your answer.

Give me an example of unisgned binary and signed binary

List and describe three contingency leadership theories.

Define the following 14 key terms throughout the chapter in bold with their definition in italic

Briefly describe how the behavioral leadership and contingency leadership theories are interrelated.