Question: The realization principle indicates that revenue usually should be recognized and recorded in the accounting records: Select one: a.When goods are sold or services are

The realization principle indicates that revenue usually should be recognized and recorded in the accounting records:

Select one:

a.When goods are sold or services are rendered to the customers.

b.When cash is collected from customers.

c.At the end of the accounting period.

d.Only when the revenue can be matched by an equal dollar amount of expenses.

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!

Q:

The Pitts Barbecue Company makes three kinds of barbecue sauce: Extra Hot, Hot, and Mild. Pitts vice president of marketing estimates that the company can sell 8,000 cases of its Extra Hot sauce plus...

Q:

Question 1 Not yet answered Marked out of 1.00 Question text If a company purchases equipment for $70,000 and pays in cash: Select one: a. Total assets will increase by $70,000. b. Total assets will...

Q:

Accounting Questions 1.Which of the following is not a basic function of an accounting system? Select one: a. To interpret and record the effects of business transactions. b. To classify the effects...

Q:

The realization principle indicates that revenue usually should be recognized and recorded in the accounting records: Select one: a. When goods are sold or services are rendered to the customers. b....

Q:

Financial statements are prepared: Select one: a. Only for publicly owned business organizations. b. For corporations, but not for sole proprietorships or partnerships. c. In either monetary or...

Q:

3)The realization principle indicates that revenue usually should be recognized and recorded in the accounting records: Select one: a. When goods are sold or services are rendered to the customers....

Q:

3)The realization principle indicates that revenue usually should be recognized and recorded in the accounting records: Select one: a. When goods are sold or services are rendered to the customers....

Q:

please answer this questions as soon as possible, no need for explanation, i will upvote 7. Which account listed below is classified as a contra- revenue account? A) Cost of Goods Sold. B) Sales on...

Q:

1. The realization principle indicates that revenue usually should be recorded in the accounting records: Question 1 options: A) when cash is collected from customers B) when goods are sold or...

Q:

1. The realization principle indicates that revenue usually should be recorded in the accounting records: Question 1 options: A) when cash is collected from customers B) when goods are sold or...

Q:

Abstract Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome...

Q:

Six years ago, Heart U, Inc. issued $33 million of 8 percent, semi-annual, 21-year bonds. The issue can be called at a premium of 8 percent. Flotation costs of 4 percent of the face value are being...

Q:

MassiveCorp buys TinyCorp for $1,000,000. In return, they get $600,000 worth of land that has been 60% depreciated, buildings, equipment, and other tangible assets; $200,000 worth of intangible...

Q:

Show that the curve x = 5 c o s ( t ) , y = 4 s i n ( t ) c o s ( t ) has two tangents at ( 0 , 0 ) and find their equations. ( Enker your answers as a comma - separated list. ) Since x = 5 c o s ( t...

Q:

.Use the Booth algorithm to divide -11 (Dividend) by +05 (Divisor), where each number is represented using 5 bits.

Q:

In 1994 the Mexican government abandoned their crawling peg to the US dollar. This was brought about by a complicated sequence of events, but in this question we focus only on the dynamics of the...

Q:

A. Suppose that Jenny owns 80% of S. During 2018, Jenny sold land to Jasper fro $200,000 that had cost $100,000. During 2018 and 2019, Jenny reported net incomes of $200,000 and $300,000. Which of...

Q:

All else equal, an increase in customers' reservation prices will have what effect on the value generated by a business? It will be unaffected It will decrease It will increase Question 2 An increase...

Q:

1. Draw a schematic diagram of crystal structure of LiCoO 2 . Show your working. (2 marks) 2. What kind of the hybridization is formed between cobalt and oxygen atoms? Show your working. (2 marks) 3....

Q:

A pointer holds a memory address.

Q:

5. What do you think is meant by the phrase giving priority to what we already know?

Q:

2. You are asked to provide information to the board of the company you work for. How would you convey this information if the aim is: a) That they will remember the information for a long time. b)...

Q:

7. Give examples of information-overload from your everyday life. Review the six consequences that information-overload can lead to and discuss the examples in relation to all the six points.