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1 year ago

In accrual basis accounting, revenue is recorded when the seller ______.

Business

1 answer:

Softa [21]1 year ago

6 0

in accrual basis accounting, revenue is recorded when the seller's product is shipped or service is provided.

Revenue is the money made from regular business operations and is calculated by multiplying the average sales price by the quantity of units sold. In order to calculate net income, costs must be deducted from the top line (or gross income) figure. On the income statement, revenue is also known as sales.

Even though the cash for the transaction has not yet been exchanged, accruals are earnings or expenses that have an influence on a company's net income on the income statement. Due to the non-cash assets and liabilities they involve, accruals also have an impact on the balance sheet.

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What are a list of items that the most price elastic demand

Paul [167]

Answer:

See below

Explanation:

Price elasticity of demand describes how responsive the product of a product is to changes in its price. The term elasticity originates from elastic, which means to stretch. A product is price elastic if a small change in price has a significant impact on its demand. Should the price increase by a small percentage, the demand decreases by a considerable difference.

The demand for some products does not react to changes in prices. A small percentage increase or decrease in price does not result in a big change in the quantity demand. Such products are said to be price inelastic.

Substitute goods or goods with close alternatives are the most price elastic. A small change in price will make consumers consider the other alternatives. Examples of price-elastic goods and services include transport services, furniture, motor vehicle, and professional services such as lawyers, doctors, and auditors.

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4 years ago

A job order cost system uses a predetermined factory overhead rate based on expected volume and expected fixed costs. At the end

olya-2409 [2.1K]

Answer:

Actual volume: Actual fixed Cost:

Less than normal; Greater than expected

Explanation:

Job order costing may be utilized for numerous different businesses, and each business retains records for one or more inventory accounts. The manufacturing industry keeps a trail of the costs of each inventory account as the product is shifted from raw materials inventory into work in process, through work in process, and into the finished goods inventory

4 0

3 years ago

Read 2 more answers

Notary Signing Agent with nearly 10 years experience has reviewed and is completely familiar with all the documents in a loan pa

pshichka [43]

Answer: State the name and purpose of the Loan documents

Explanation:

A Notary Signing Agent refers to the agent who's charged with the responsibility of obtaining a formal signature of an appearer to a document.

Since Notary Signing Agent has reviewed and is completely familiar with all the documents in a loan package, it should be noted that when meeting with the borrower, the Notary Signing Agent may now state the name and purpose of the Loan documents

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3 years ago

On January 1 of Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires

Murljashka [212]

Installment note from Campbell Bank.

1-Jan Note intt expense Decrease 31-Dec

Amortization of Installment Notes Carrying payment 7% in Carrying

Year ending December 31 amount cash paid notes payable amount

year 1 147,750 43,620 10343 33,278 114,473

year 2 114,473 43,620 8013 35,607 78,866

year 3 78866 43,620 5521 38,099 40,766

year 4 40766 43,620 2854 40,766 0

b) Journal Entries

Date Account titles & Explanations Debit Credit

year 1 1-Jan Cash 147,750

Notes payable 147,750

(to record issuance of note)

year 1 31-Dec Interest expense 10343

Notes payable 33,278

cash 43,620

(to record interest expense)

year 2 31-Dec Interest expense 8013

Notes payable 35,607

cash 43,620

(to record interest expense)

year 3 31-Dec Interest expense 5521

Notes payable 38,099

cash 43,620

(to record interest expense)

year 4 31-Dec Interest expense 2854

Notes payable 40,766

cash 43,620

(to record interest expense)

c) interest expense of 10,343 would be reported on the income statement of Bryson Company.

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2 years ago

Jamal has been tasked with putting together a new team for a new Starbucks project line. As Jamal thinks through the components

inysia [295]

Answer:

C. team composition

Explanation:

Team composition -

It is the overall combination of the people with different characteristics in a team , where the people interact in order to attain a common goal , is known as team composition .

The team could have homogeneous or heterogeneous members .

hence , from the question information , Jamal is concerned with the team composition .

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3 years ago