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2 years ago

Consistent with____recognition principle, companies record revenue at the time goods are provided to customers.

Business

1 answer:

Sonbull [250]2 years ago

4 0

Answer:

Revenue

Explanation:

In finance, revenue recognition principle can be associated to acrrual accounting, it stated that recognition of revenue should only take place when revenue is earned or received, it shouldn't be when there is received cash. It helps to know periods that revenue is needed to be recognized.

It should be noted that Consistent with revenue recognition principle, companies record revenue at the time goods are provided to customers.

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Explain how financial statements (Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows) are

Svetlanka [38]

A financial statements are helpful to the business owner, employees, and investors because:

It helps to financial plan
It helps to make decisions
It helps to adhere to regulations etc

<h3>What are financial statements?</h3>

This refers to those written records that convey the business activities and the financial performance of a company.

Some examples of financial statements in every standard companies includes Income statement, Cash flow statement, Balance sheet, Note to Financial Statements, Statement of change in equity etc.

In conclusion, majority of firm's financial statement are audited by government agencies, accountants, firms to ensure accuracy, tax purpose, financing, investing purposes etc.

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1 year ago

Read 2 more answers

In an effort to increase customer loyalty, management at Phat International has worked to create a personal dialogue with their

STALIN [3.7K]

Answer: Appropriate/accurate relationship marketing

Explanation:

Relationship marketing refers to the scenario where producers build a bonding with customers in rider to improve services they offer to the customer and producing high quality products based what the customers demand for. The aim of these marketing strategy is to maintain existing customers who can recommend potential customers to use the product, also they are other services attached like Promo and bonuses which are used to encourage consumers. Phat strategy used on his customers is known as Accurate relationship marketing.

5 0

3 years ago

Restaurant A uses 60 bags of tomatoes each month. The tomatoes are purchased from a supplier for a price of $80 per bag and an o

ch4aika [34]

Answer:

Explanation:

D = 60 bags

cost = 80 / bag

s = 20 / order

h = 40% of cost

0.4 * 80 / 100

h= 32 unit/year

D = d * 12 months

D = 60 * 12

D = 720 bags / year

EOQ = $\sqrt{2DS/H}$

EOQ = $\sqrt{2 *720*20/32}$

EOQ = 30 bags

Total cost = Total holding cost + total ordering cost

Total holding cost = (Q/2 * H) = (30/2 * 32) = 480

Total ordering cost = (D/Q * 20) = (720/30 *20) = 480

Total cost = 480 + 480 = 960

Total purchasing cost = cost * D = 80 * 720 = 57.600

Percentage= total cost / total purchasing cost * 100

960 / 57.600 * 100

1.67 %

6 0

3 years ago

Superstition Industries has a $2,000,000 asset investment and is subject to a 30% income tax rate. Cash inflows from the project

nekit [7.7K]

Answer:

12.25%

Explanation:

Calculation to determine what The company's after-tax accounting rate of return on this investment is:

Using this formula

After-tax accounting rate of return =Avarage income/Average investment

Let plug in the formula

After-tax accounting rate of return=($350,000*70%)/$2,000,000

(100%-30%=70%)

After-tax accounting rate of return=$245,000/$2,000,000

After-tax accounting rate of return=0.1225*100

After-tax accounting rate of return=12.25%

Therefore The company's after-tax accounting rate of return on this investment is:12.25%

6 0

3 years ago

On December 31, 2015, Sarasota Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Sara

Liono4ka [1.6K]

The appropriate journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

<h3>Journal entries</h3>

(a) December 31, 2015

Debit Notes receivable $129,859.2

($160,000 x 0.81162)

Credit Service revenue $129,859.2

(PV of $160,000 due in 2 years at 11%)

(b) December 31, 2016

Debit Notes receivable $14,284.5

($129,859.2 x 11%)

Credit Interest revenue $14,284.5

Debit Discount on notes receivable $44,425

[$160,000 - ( $129,859.2- $14,284.5)]

Credit Interest revenue $44,425

Debit Cash $160,000

Credit Notes receivable $160,000

Inconclusion the journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

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2 years ago