What are the two general criteria that must be satisfied before a company can recognize revenue?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
The realization principle requires that two criteria ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Accounting questions
-
What criteria determine whether a company can recognize revenue over time?
-
What two criteria must be met before a company can classify short-term debt that is expected to be refinanced as a noncurrent liability?
-
List the five criteria that must be satisfied before revenue from the sale of goods can be recognized.
-
The Black Sheep Inc.'s call option has the following characteristics: Exercise price of The Black Sheep Inc.'s call option ($) 75 Annualized risk-free rate 4.5% Time to the expiration of the options...
-
The polyester named Lactomer® is an alternating copolymer of lactic acid and glycolic acid. Lactomer is used for absorbable suture material because stitches of Lactomer hydrolyze slowly over a...
-
Draft a letter to the publisher inviting the newspaper to host a public forum on Acme's proposed tank farm. For an Acme Petroleum letterhead, make up a mailing address, phone, and website address....
-
Prove that for a European Call option on an asset that pays no dividends the following relations hold: \[C \leq S, \quad C \geq S-E \exp (-r(T-t))\]
-
What happens to overhead rates based on direct labor when automated equipment replaces direct labor?
-
Why do we sometimes record a revenue or expense as a deferred item? Wouldn t it be easier to always record revenue to a revenue account and remove any unearned revenue at year - end?
-
Penguin Network Warehouses, LLC ("PNW, LLC") is a start-up warehousing and logistics company providing grocery stores with climate-controlled storage and just-in-time delivery of perishable goods...
-
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which...
-
Explain why, in most cases, a seller recognizes revenue when it delivers its product rather than when it produces the product.
-
Some Congress members think the government should not risk taxpayer money to rescue financial firms whose highly paid executives have behaved irresponsibly. Instead, the government should aid middle-...
-
Speedy Auto Repairs uses job - order costing. Its direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics hourly wages. Speedy s...
-
Kubin Company s relevant range of production is 1 9 , 0 0 0 to 2 0 , 0 0 0 units. When it produces and sells 1 9 , 5 0 0 units, its average costs per unit are as follows: Average Cost per Unit Direct...
-
== If -3x+6=4x-2/5, what is the value of x?
-
What strategies can researchers employ to enhance the rigor, replicability, and generalizability of their Methodological procedures, fostering robust scientific inquiry and cumulative knowledge...
-
Cordova manufactures three types of stained glass windows, cleverly named Products A , B , and C . Information about these products follows: Product A Product B Product C Sales price $ 4 8 . 0 0 $ 5...
-
The following data are the occurrences in 2018 of the different species groups in the list of endangered and threatened species under the U.S. Endangered Species Act (U.S. Fish and Wildlife Service...
-
A 20-cm-square vertical plate is heated to a temperature of 30oC and submerged in glycerin at 10oC. Calculate the heat lost from both sides of the plate.
-
Find the input-output relationship of the RC OP AMP circuit in Figure P6-30 . vs(t)o CR R + Vo(1)
-
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for leases.
-
Both iGAAP and U.S. GAAP require footnote disclosure of operating lease payments. Are there any differences in the information provided to statement readers in these disclosures? Explain.
-
Briefly discuss the IASB and FASB efforts to converge their accounting guidelines for leases.
-
E3-20 (Algo) Analyzing, Recording, and Evaluating the Effects of Income Statement Transactions [LO 3-3, LO 3-4, LO 3-5] [The following information applies to the questions displayed below.] MyBnB...
-
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company....
-
Question 1 Vieux Enterprise's total overhead costs at various levels of activity follow: Month Machine- Hours Total Overhead Costs April 70,000 $198,000 May 100,000 270,000 June 80,000 222,000 July...
Study smarter with the SolutionInn App