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2 years ago

revenues should not be recognized in the accounting records when earned, but rather when cash is received.

1 answer:

5 0

The given statement is "Generally speaking, revenues should not be recognized in the accounting records when earned, but rather when cash is received." False:

<h3>What are accounting documents why is it crucial?</h3>

Accounting records are crucial because they provide important data and supporting documentation for the preparation, validation, and audit of financial statements. They serve as evidence for both monetary and non-monetary transactions and serve to indicate ownership of assets for the purpose of creating liabilities.

<h3>What three different types of accounting records are there?</h3>

Three types of accounting records are:

Income statement.
Balance sheet.
Statement of cash flows.

<h3>What are the records of business accounting?</h3>

records for accounting. Your accounting records contain all of the transactions for your company. All of the details about ones income, equity, and expenses are included in the accounting records that are required for business.

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I understand that the question you are looking for is:

T or F: As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received

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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

Naily [24]

Answer:

Buyer

May 11 Dr Merchandise inventory 25,000

Cr Account payable 25,000

Dr Merchandise inventory 410

Cr Cash 410

May 12 Dr Account payable 1400

Cr Merchandise inventory 1400

May 20 Dr Account payable 23,600

Cash 22,892

Dr Merchandise inventory 708

(Seller)

May 11 Dr Account receivable 25,000

Cr Sales revenue 25,000

Dr Cost of goods sold 16,750

Cr Merchandise inventory 16,750

May 12 Dr Sales return and allowance 1400

Cr Account receivable 1400

Dr Merchandise inventory 938

Cr Cost of goods sold 938

May 20 Dr Cash 22,892

Dr Sales discount 708

Cr Account receivable 23,600

Explanation:

Preparation of the Journal entry for Buyer

May 11 Dr Merchandise inventory 25,000

Cr Account payable 25,000

Dr Merchandise inventory 410

Cr Cash 410

May 12 Dr Account payable 1400

Cr Merchandise inventory 1400

May 20 Dr Account payable (25,000-1400) 23,600

Cash (23,600*97%) 22,892

Dr Merchandise inventory 708

(23,600*3%)

Preparation of Journal entry (Seller)

May 11 Dr Account receivable 25,000

Cr Sales revenue 25,000

Dr Cost of goods sold 16,750

Cr Merchandise inventory 16,750

May 12 Dr Sales return and allowance 1400

Cr Account receivable 1400

Dr Merchandise inventory 938

Cr Cost of goods sold 938

May 20 Dr Cash 22,892

[(25,000-14000)*97%]

Dr Sales discount 708

[(25,000-14000)*3%]

Cr Account receivable 23,600

8 0

3 years ago

Write the definition in your own words

In-s [12.5K]

The definition in my own words are:

Cash Basis of Accounting: is type of accounting that that makes use of revenues and expenses at the time cash is received.

Accrual Basis of Accounting: The accrual basis of accounting focus on recording revenues .
Matching Principle: can be regarded as accounting concept that focus on companies report expenses .

Time-Period Principle: is one that a business should report the states that financial results of its activities .

Accounting Period: serves as the period of time that is used for accounting functions, this can be a fiscal year.

<h3>What is accounting?</h3>

Accounting serves as the process which involves the recording as well as summarizing business and financial transactions.

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8 0

2 years ago

Why is it often difficult for a new supervisor or manager to be promoted from within? What specific challenges often accompany t

mina [271]

Answer:

It is difficult for new supervisors and managers to be promoted from within because adequate training are not provided. Most of the good habits that make up a good leader must be learned.

Explanation:

Challenges faced by new managers include:

1) Managing others while still actually working

It is important for managers to know how to differentiate between times they can focus their attention to employee concerns and times they decide not to attend to anyone and whether this is applicable to their team.

A calender will be needed for this type of situation.Schedule regular check-ins with employees, and block off times for you to focus on your own work. Unexpected and urgent situations will always arise, so you will have to add in some flexibility.

Resist the urge to make yourself available to every demand that comes your way.

2. Managing friends and former peers

When you attain the new rank of a manager, it is important to define the boundaries of your relationships with your subordinates as soon as possible.

Explain what you require from your staff and what they can expect from you. For your part, they will expect your trust, communication, and fairness, no matter how your relationship was defined before you were promoted as a manager.

3. Trying to make changes too quickly

First-time managers are always very excited to start making their marks on the organisation, but if you force too many changes at a fast rate, your staff may push back.

Take a collaborative approach on making changes to get the support of your staffs.

4. Giving direct feedback

A lot of new managers sometimes have a hard time delivering important feedback or having difficult conversations.

If you avoid telling an employee their faults and how they need to shape up, you might end up driving away others on your staff including your top performers by letting the problem spread.

It is also important to give positive feedback regularly.

8 0

3 years ago

Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage pay

shtirl [24]

Answer:

16.9 months

Explanation:

Recovery time = Refinancing cost / Monthly savings

= $2,500 / $148

= 16.9 months

6 0

3 years ago

_____ provides the advertiser with useful guidelines for future advertising by evaluating the effectiveness of an individual ad

shutvik [7]

Marketing Strategists provide the advertiser with useful guidelines for future advertising by evaluating the effectiveness of an individual ad or an entire ad campaign after it runs.

Explanation:

Marketing strategists are professionals employed to check and see the validity of the advertising that is being run by the advertisers and check their effectiveness in the ground level.

The usual marketing strategists would come up with solutions for the advertising that are needed to reach out to the goals of the company and also formulate a plant hat they can follow as the advertiser then would make the ad for them.

7 0

4 years ago