Answer: C
Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.
Explanation:
The term revenue recognition at the point of sale refers to the process of recording revenue from manufacturing and selling activities at the time of sale. The revenue recognition principle states a company can record revenue when two conditions are met. They must be realized or realizable, and earned.
Answer: You or your company should pay the $500 and lock the rate.
Explanation:
You had already given your customer reasonable assurance that you would lock the rate so this is what they expect. You must therefore do as you have promised to your customer regardless of what the cost would be because the fault here lies with you.
You should therefore pay the $500 unless there is some company policy that allows them to pay it instead. Once done, you will be able to lock in the rate and fulfill your obligation to your customer.
Budgeting is the earning of the estimated income and its expenditure on various bills and daily utilities. For maintaining a balance of income, budgeting is done so that expenses do not exceed the income.
$2,850 is a good yearly estimate of repairs and maintenance for the Davis family’s home.
<h3>How to estimate repair and maintenance?</h3>
Given,
- Down Payment = $20,000
- Mortgage = $265,000
- Purchase price of the house = $285,000
1% of the purchase price is budgeted for repair and maintenance (X) and will be estimated as:
Therefore, <em>option c</em>. $2850 is the repair and maintenance cost.
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Answer:
The answer to this question is given below in the explanation section.
Explanation:
Constructive criticism is the process to offer valid and well-reasoned reponed or opinion about other works, it includes both positive and negative comments in a friendly way rather than an oppositional one.
There are four traits of constructive critisim.
So, the correct answer to this question is given below:
D: Positivity, Solution-Oriented, Specific, and private.
While other options are not correct because the four traits of constructive criticism are starting from positivity, solution-oriented, specific, and private.
A CPA examines a sample of copies of December and January sales invoices for the initials of the person who verified the quantitative data. This is an example of a Test of a control
<h3>
What is the Test of a control?</h3>
- Any auditing technique used to assess an organization's internal controls is known as a test of control.
- Determining if these internal controls are adequate to identify or reduce the risk of material misstatements is the goal of control tests in auditing.
- For instance, the auditor is working on the audit of ABC's financial accounts and it will begin very soon.
- Normally, the auditor must complete audit preparation and get audit partner approval before proceeding with the substantive test or conducting fieldwork.
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