Why is revenue typically recognized on delivery?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 93% (15 reviews)
Revenue is typically recognized on delivery becaus...View the full answer
Answered By
Diksha Bhasin
I have been taking online teaching classes from past 5 years, i.e.2013-2019 for students from classes 1st-10th. I also take online and home tuitions for classes 11th and 12th for subjects – Business Studies and Economics from past 3 years, i.e. from 2016-2019. I am eligible for tutoring Commerce graduates and post graduates. I am a responsible for staying in contact with my students and maintaining a high passing rate.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Question Posted:
Students also viewed these Accounting questions
-
When is revenue typically recognized under accrual basis accounting?
-
Why does a need typically have to be recognized before it will motivate?
-
Why might revenue be recognized at a time other than the sale? What are the alternative revenue recognition methods and for what might they be used?
-
Cost of goods available for sale consists of two elements: beginning inventory and: (a) ending inventory. (b) cost of goods purchased. (c) cost of goods sold. (d) All of the answer choices are...
-
Why do we spend more money on heart diseases or cancer than childhood diseases?
-
Comment on the following statement: A financial projection presents an organizations expected results, given a hypothetical assumption.
-
Use the figure at the right to find the probability that a randomly selected draft pick is not a running back or a wide receiver. NFL Rookies A breakdown by position of the 253 players picked in the...
-
Moe, Larry, and Curly are forming The Stooges Partnership. Moe is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Larry owns land worth $18,000 and a small...
-
1. What is the purpose of the Statement of Cash Flows? 2. What are the three major classifications of cash flows in the Statement of Cash Flows? If you could pick, which one would you prefer your...
-
We discussed how hard it is to keep AD stable or put it back "where it belongs" after a shock. Alan Blinder, a former vice chairman of the Federal Reserve, noticed that this was a major problem. In...
-
Under what conditions is revenue reported on a net basis?
-
Under what circumstances is revenue recognized prior to delivery?
-
Calculate the skewness coefficient for the data given in question 42. The following information is for questions 4452. The following table gives the current ratio and inventory turnover for Chrysler,...
-
Shopping with Interest Maybe you're thinking there's no way you would ever fall into a huge cycle of credit card debt, but paying a little bit of interest won't be so bad. You might be right, or...
-
In the sphere of accounting for investments in subsidiaries, what special issues or challenges have you encountered or anticipate when preparing journal entries and financial statements for an...
-
Do you have to join a union to work in production accounting in the entertainment industry?
-
Why do we list each expense and revenue during the closing process? Wouldn't it be easier to debit a generic revenue account for all revenues and credit a generic expense account for all expenses?
-
Tax preparers are required to complete and file a due diligence checklist when preparing a claim for the American Opportunity Tax Credit. What form must be used for this purpose?
-
A pump lifts water from a lake to a large tank 20 m above the lake. How much work against gravity does the pump do as it transfers 5.0 m 3 of water to the tank? One cubic meter of water has a mass of...
-
-4 1 9. Let A = Find A-1, (A") and verify that (A")= (A-1)".
-
An electron is launched into a region of constant electric field, \(\vec{E}=2 \times 10^{4} \mathrm{~N} / \mathrm{C}\) directed along the positive \(y\) axis of a rectangular coordinate system, with...
-
What is working capital? How does working capital relate to the operating cycle?
-
In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use? (a) Treasury stock (recorded at cost). (b) Checking account at bank. (c) Land...
-
In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use? (a) Treasury stock (recorded at cost). (b) Checking account at bank. (c) Land...
-
Using the following information: a. The bank statement balance is $3,048. b. The cash account balance is $3,300. c. Outstanding checks amount to $755. d. Deposits in transit are $809. e. The bank...
-
Determine the average tax rate and the marginal tax rate for each of the following instances: Use the Tax Tables for taxpayers with taxable income under $ 1 0 0 , 0 0 0 and the Tax Rate Schedules for...
-
A machine was bought on 1 st January 2 0 1 7 for $ 1 2 , 0 0 0 . The policy is to depreciate the machine at 1 0 % on reducing balance method at the end of each year, ending on 3 1 st December....
Study smarter with the SolutionInn App