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polet [3.4K]
3 years ago
5

The cash basis method of accounting requires revenue to be recognized when performance obligations are satisfied. (If false, ide

ntify error and correct.)
A. True
B. False
Business
1 answer:
xxTIMURxx [149]3 years ago
6 0

Answer:

True

Explanation:

Unlike Accrual basis accounting the cash basis method of accounting requires revenue to be recognized when performance obligations are settled rather than when they are incurred.

The major difference between cash and accrual accounting is in the timing of when transactions are taken account of. Whereas Accrual accounting recognizes transactions when they occur (i.e. expenses when they are incurred and revenue when they are earned) Cash accounting recognizes revenue and expenses only when cash is paid.

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The tax treatment regarding the sale of existing assets that are sold for more than the book value but less than the original pu
8_murik_8 [283]

Answer:

capital gain tax liability

Explanation:

Capital gain tax is defined as the type of tax that is paid when the owner of an investment or asset makes a profit from its sale.

For example when the assets are sold for more than the book value but less than the original purchase price, there is a profit made that is called capital gain.

The tax applied to this capital gain is called capital gain tax liability.

6 0
3 years ago
Norma is considering buying a certificate of deposit with the $500 she has in a regular savings account. Explain to her what fac
Molodets [167]

Answer:

The factors she could consider when choosing a certificate of deposit is explained below in detail.

Explanation:

A higher principal should/may obtain a greater interest rate.

A longer-term normally receives a greater interest rate, except in the matter of a modified yield curve.

Smaller businesses manage to offer greater interest rates than higher ones.

Individual CD accounts commonly obtain greater interest rates than business CD accounts.

4 0
3 years ago
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Socia
Eva8 [605]

Answer:

Option B is the correct answer,a credit to salaries payable for $10,350

Explanation:

First of all,the net payment of salaries of Arcon Company equal the gross salaries expenses of $14,000 minus the deductions except the federal unemployment tax of $210

Net pay=$14,000-$1,050-$2,600=$10,350

In to record the salaries,the salaries expense account would be debited with $14,000 while the social security and medical taxes payable and federal income taxes payable account are credited with $1,050 and $2,600 respectively.

The net pay of $10,350 is credited to salaries payable in expectation of actual payment

4 0
3 years ago
5. Name the three factors of production and two payment types in the circular flow model.
zhannawk [14.2K]
Hi sweetie! Hope i can help!


Answer:

Land, labor, and capital


Wishing you the best of luck,
Izzy
4 0
3 years ago
Another word for Interpersonal Communication is Question 2 options: a) face-to-face communication b) dyadic communication c) par
SpyIntel [72]

Another word for interpersonal communication is FACE TO FACE COMMUNICATION. The correct option is A.

Interpersonal communication is a face to face communication process through which people exchange information and express their feelings either verbally or non verbally. Interpersonal communication is a two way communication and the skill of listening is very important in this type of communication. Face to face communication plays a crucial role in building up and maintaining relationships with people. It is a very important concept which one must master in order to be a good team player and a sociable person.  

6 0
3 years ago
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