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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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What is variable expense? Pls help quickly!l

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Answer:

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3 years ago

Byte Computer Corporation acquired 90 percent of Nofail Software Company’s common stock on January 2, 20X3, by issuing preferred

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Answer: Step by step explanation of the consolidated balance sheet is given in the attached document.

Explanation:

Consolidated Balance Sheet

A consolidated balance sheet presents the assets and liabilities of a parent company and all its subsidiaries on a single document, with no distinctions on which items belong to which companies. If your company has $1 million in assets and it purchases subsidiaries with assets of $400,000 and $300,000, respectively, then your consolidated balance sheet will show $1.7 million in assets, and the sheet will commingle those assets. For example, in the asset section, accounts receivable will list the total amount of receivables held by all three companies.

When to Consolidate

A company must issue consolidated financial statements whenever it owns a controlling stake in another business – that is, whenever it owns more than 50 percent of that business. If the parent company owns 100 percent of the subsidiary, this is pretty straightforward. Complications arise, however, if the parent company owns a controlling stake with less than 100 percent ownership. Part of the subsidiary belongs to someone else, and that must be reflected on the balance sheet.

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3 years ago

Which of the following relies the most on the health of the economy?

guajiro [1.7K]

Answer: Trade Industries

Explanation:

Trade industries survive as long as people and businesses can afford to trade goods and services. If entities are unable to afford consumption for a reason such as a decline in income, the trade industries will suffer.

When the economy is not healthy, income levels of people will reduce and so trade industries will suffer as opposed to a healthy economy where entities can afford goods and services which will ensure the survival of trade industries.

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3 years ago

Select the account that would be decreased if the owner of hillary's hair salon decides to withdraw $40 for personal use. multip

Karo-lina-s [1.5K]

Select the account that would be decreased if the owner of hillary's hair salon decides to withdraw $40 for personal use. 'cash'

therefore the correct option is Cash

Personal Use

Any usage that does not meet the requirements for Commercial Use is considered Personal Use. Use for strictly personal objectives is referred to as personal, or non-commercial, use. A use must satisfy ALL THREE of the following requirements in order to be deemed "Personal":

The use cannot entail a currency exchange.

The use can't be used to advertise a company (this includes non-profit organizations)

There must be no financial gain from the use, either directly or indirectly.

The use is classified as "Commercial" if one or more of the requirements are not satisfied.

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2 years ago

Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. Afte

Nonamiya [84]

Answer:

The correct answer is D. not able to be calculated from the information given.

Explanation:

The consumer surplus is the gap between the maximum price that the consumer is willing to pay and the price the consumer actually pay.

So, in this case, to get consumer surplus , we have to know the price that Mister Smith was willing to pay and the price he actually paid. We only have the price he paid and we don't know how much he was willing to pay.

Then , we are not able to calculate consumer surplus with the information given.

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4 years ago