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Reika [66]
3 years ago
8

Orange County Shop follows the revenue recognition principle. Orange County services a bicycle on July 31. The customer picks up

the bike on August 1 and mails the payment to Orange County on August 5. Orange County receives the check in the mail on August 6. When should Orange County show that the revenue was recognized?
Business
1 answer:
sp2606 [1]3 years ago
4 0

The correct answer is A) July 31st.

Orange County shows that the revenue was recognized on July 31st.

The other options of the question were B) August 1. C) August 5. D) August 6.

To be successful, a business needs good control and operation systems. Accounting is of the utmost importance when controlling the finances of a company. You have to keep your records straight. Your accountant needs to clearly understand when to record revenue in your book. So the accountant has to understand the general principles of accounting. According to the revenue recognition principle, revenue has to be recognized when they are realized, so you keep it in the book.

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The correct option is w1;q1.
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Holding everything else constant, a decrease in the price of bicycles will result in a. a decrease in the quantity of bicycles d
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Answer:

d. an increase in the quantity of bicycles demanded.

Explanation:

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A global marketing strategy refers to: ​
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5 0
3 years ago
Bell Co. changed from a traditional manufacturing philosophy to a just-in-time philosophy. What are the expected effects of this
kotykmax [81]

Answer:

C. Increase, Decrease

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7 0
2 years ago
Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $
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Hank

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= $30,000 * 0.68 (1 - 0.32) = $20,400

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