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r-ruslan [8.4K]
1 year ago
7

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

Business
1 answer:
ehidna [41]1 year ago
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.

To learn more about  revenue recognition principle here

brainly.com/question/28218373

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BusCorp wants to introduce a new procedure to improve how customer requests are handled. This change will require employees to b
serg [7]

Answer:

E)Employee involvement

Explanation:

Employee involvement can be regarded as taking part of employees in decision-making process that are crucial to the organization, so that the goals of the organization are met. When employees there is involvement of employees in making decisions, there will be some professional as well as personal stake gained by the employee in the organization as well as the organization overall success. As a result of this there would be increased productivity in part of employees because they will take part actively in various aspects that will bring about success of the firm.

8 0
3 years ago
Zen Manufacturing Company is considering replacing a four-year-old machine with a new, advanced model. The old machine was purch
dedylja [7]

Answer:

$4,800

Explanation:

The computation of additional annual cash inflow is shown below:-

Saving in Annual Maintenance Cost by new machine = $15,000 - $6,000

= $9,000

Net savings on Maintenance = $9,000 × (1 - 0.4)

= $5,400

Decrease in Depreciation due to purchase of New machinery

= ($60,000 ÷ 10) - ($45,000 - 10)

= $6,000 - $4,500

= $1500  

Tax to be paid due to decrease in Depreciation = Decrease in Depreciation due to purchase of New machinery × Tax rate

= $1,500 × 0.4

= $600

Net Annual cash Inflow due to new machinery =  Net savings on Maintenance - Tax to be paid due to decrease in Depreciation

= $5,400 - $600

= $4,800

So, for computing the additional annual cash inflow we simply applied the above formula.

4 0
3 years ago
Suppose that your firm has spent several decades establishing a well-known brand name through advertising. If other firms are pr
-Dominant- [34]
Location because it was spent on most and the decades were filled with them
4 0
3 years ago
On March 1, Young Co. borrowed $1,000 by extending their past-due account payable with a 120-day, 6% interest-bearing note. On J
tamaranim1 [39]

Answer:

This entry would be recorded by Young with a credit to <u>cash account</u> in the amount of <u>$1,020</u>.

Explanation:

The complete journal entry for June 29 should be

  • Dr Notes Payable account 1000
  • Dr Interest Expense account 20
  • Cr Cash account 1020

The total interest due = $1,000 x 6% x 4/12 =$20

Notes payable is a liability account and it decreases, so it should be debited.

All expenses are debited.

Cash is an asset account and it decreases, so it should be credited.

7 0
3 years ago
___ refers to the potential for the long-term well-being of the natural environment, including all biological entities, as well
Neko [114]

Answer: Sustainability

Explanation:

The sustainability is the term which is used to refers to the economical activities that helps in maintain the present actual requirement and also understanding the future abilities.

The importance of the sustainability is that it helps in maintain the quality of our environment and also the various types of natural resources.

The following are some benefits of the sustainability are as follows:

  • Reduce the cost
  • Helps in reducing the waste
  • Increase the productivity in an organization
  • The business abilities get increased

According to the question, the sustainability is basically refers to the natural environment that has long term potential which include the various types of biological entities, business strategies and also the interaction with the environment.

 Therefore, Sustainability is the correct answer.

8 0
3 years ago
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