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2 years ago

According to the revenue recognition principle, revenue is to be recognized when:____.

1 answer:

8 0

According to the accrual accounting revenue recognition concept, revenues must be recognized when they are earned and realized rather than when cash is received.

A generally accepted accounting standard (GAAP) called revenue recognition specifies the particular circumstances under which revenue is recognized and how to account for it. When a significant event occurs, revenue is typically realized, and the corporation can simply quantify the financial amount. The foundation of any corporate performance is revenue. The sale is the keystone. Regulators are aware of how alluring it may be for businesses to stretch the boundaries of what constitutes income, particularly when not all cash is collected until the task is finished.

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Assume that IBM leased equipment that was carried at a cost of $178,000 to Sandhill Company. The term of the lease is 7 years De

Tanya [424]

Answer:

Explanation:

December 31, 2017

DR Cash $30,868

CR Lease Receivables $20,569

CR Interest Revenue $10,299

(To record less payment receipt)

Workings

Interest Revenue

= ( Present Value - Rental Payment for year) * Interest Rate

= ($178,002 - $30,868 )*7%

= $10,299.38

= $10,299

Lease Receivables

= 30,868 - 10,299

= $20,569

6 0

4 years ago

Carlos has applied for a project manager position, but he is sight impaired to a serious degree from a childhood illness. He mus

soldier1979 [14.2K]

a. Yes, but only if the service dog is an undue hardship for AMPCO

b. Yes, the ADA applies only once someone is an employee (not in the hiring stage)

c. Yes, because Carlos cannot perform the essential functions of his position

d. No, the ADA requires AMPCO to allow the service dog regardless of the particular circumstances

e. No, because that would be a violation of Title VII

No, the ADA requires AMPCO to allow the service dog regardless of the particular circumstances

Answer: Option D.

<u>Explanation:</u>

According to the ADA act which stands for American disability act, it is illegal to refuse a well qualified person for a particular post just because on the basis of his disability.

The ADA act the american disability act prohibits any public or any private company or businesses from discriminating against people just because of their disability. Employees do not require any kind of documentation for their service dog.

7 0

4 years ago

Accounts ___.a.are not used by entities that manufacture products b.do not reflect money amounts c.are only used by large entiti

Verdich [7]

Answer:

are records of increases and decreases in individual financial statement items

Explanation:

The accounts are the day to day records that the individual, company and the business organization handles. It can be classified into various accounts like - cash accounts, purchase accounts, sales accounts, etc

The cash account is the account which records the payment and receipt of the cash

And, the purchase and sales accounts tracks the purchase of the fixed asset, inventory, and sales of the fixed asset, inventory, etc

There is an end number of transactions that can be either increase or decrease

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4 years ago

Yancey Productions is a film studio that uses a job-order costing system. The company's direct materials consist of items such a

N76 [4]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Yancey applies its overhead cost to films based on direct labor-dollars.

At the beginning of the year, Yancey made the following estimates:

Direct labor dollars= 8,640,000

Fixed overhead cost= 5,184

Variable overhead cost per direct labor dollar= $0,21

To calculate the predetermined overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 5,184/8,640,000 + 0.21= 0.0006 + 0.21= $0.2106 per direct labor dollar

Now, we can calculate the allocated overhead for You Can Say That Again:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.2106*2,592,000= $545,875.2

8 0

3 years ago

The personal values of team members on high-performing teams can be enhanced through which of the following team behavior method

kaheart [24]

Answer:

Team members demonstrates a constant focus on improvement

Explanation:

To increase the personal values of team members on high performing teams, team members must demonstrate a constant focus on improvement, the more there is room for improvement, the more personal values are enhances because each members of the team is allow to pass to the growth process and become the best version of themselves.

4 0

3 years ago