Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.
Hence we can say that "record revenue when goods or services are provided to customers" is the definition of <u>Revenue Recognition</u> principle in accounting.
Answer: Competent, reliable, and ethical personnel.
Explanation:
Vaughan Services needs to follow competent, reliable and ethical personnel procedure to addressed this type of situation.
Competent characteristic tell us about the employee skills, knowledge and capability or ability of doing some work successfully.
Reliable characteristic tell us about the employee performance, quality and trustworthy or not.
Ethical personnel tells us about the employee's behavior towards the other people, responsibilities towards work and how much he is committed towards work.
Answer:
Investing cash flow from current year = -$250,750. This means that the company invested $250,750 in purchasing new equipment and land during the year.
Explanation:
cash flow from investing activities = money received from the sale of assets - money spent purchasing new assets
- money received from the sale of assets = $175,000
- money spent purchasing new equipment = plant & equipment year 20x1 - plant & equipment year 20x2 + cost of old equipment = $1,000,000 - $1,025,000 + $225,000 = $200,000
- money spent purchasing new land = land 20x2 - land 20x1 = $725,750 - $500,000 = $225,750
Cash flow from investing activities = $175,000 - $200,000 - $225,750 = -$250,750
Answer:
The answer is
Up to $368 (320 x 1.15=$368).
good luck
Basically, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
In the contract on sales, a sale formally becomes a sale when a party gives something to another in exchange for money.
- The consideration (Premium/Sales cost) is the main factor that makes a sales contract valid and legal.
Hence, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
Read more about sales contract:
<em>brainly.com/question/17179342</em>
