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3 years ago

The following represents the five steps in the revenue recognition model, in random order:

Business

1 answer:

rosijanka [135]3 years ago

3 0

Answer:

The correct order is 5-4-1-3-2

Explanation:

Revenue Recognition is a Generally Accepted Accounting Principle which outlines the specific conditions in which revenue must be recognized and also stipulates ways and when to account for it. The order of the revenue recognition model is:

Identify the contract with a customer.
Identify the performance obligations in the contract.
Determine the transaction price.
Allocate the transaction price to the performance obligations in the contract.
Recognize revenue as the entity satisfies performance obligations.

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Suppose all banks are subject to a uniform reserve requirement of 20 percent and that the union bank has no excess reserves. if

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The answer is 40,000

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3 years ago

Jennifer is marketing manager for a major consumer goods firm. She is interested in determining if market opportunity exists for

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3 years ago

Recognizing something as a revenue instead of as a liability has a positive effect on the reported financial statements because:

Pani-rosa [81]

Revenue and liability has influence on reported financial statements because;

it understates liabilities
it overstates revenues

<h3>What is revenue and liability?</h3>

Revenue serves as the money that is been generated by the company as a profit while a liability serves as future sacrifices of economic benefits.

However, recognizing something as revenue instead of liability is dangerous because it can results in overstated net income.

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2 years ago

The contact between the breccia and the underlying granite is an example of a(n):____.

3241004551 [841]

Correct option is (b): angular unconformity

The contact between the breccia and the underlying granite is an example of angular unconformity

Breccia is a type of sedimentary rock which is composed of large angular broken fragments of minerals or rocks cemented together by a fine-grained matrix.

In the Italian language ,Breccia word means "rubble". A breccia may have a variety of different origins, as indicated by the named types including sedimentary breccia, igneous breccia, impact breccia, tectonic breccia and hydrothermal breccia.

Granite is a coarse-grained intrusive igneous rock which is composed of quartz, alkali feldspar, and plagioclase. It forms from magma with a high content of silica and alkali metal oxides that slowly cools and solidifies underground

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1 year ago

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses

PtichkaEL [24]

Answer:

Following are the solution to this question:

Explanation:

In all the given choices some of the data is missing so, its correct entry can be defined as follows

Cash account $7,840

Sales discount $160

To Accounts receivable $8,000

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3 years ago