The matching principle and the revenue recognition principle are the two accounting principles that are critical to the adjusting process.
The revenue that should be recognized in the accounting period in which it is earned is stated by the revenue recognition principle. Efforts (expenses) can be matched with accomplishments (revenues) as stated by the matching principle.
Revenue recognition principle: It is a generally accepted accounting principle (GAAP) that stipulates how and when the recognition of revenue should be done. This principle is using accrual accounting requires in the revenues are recognized when realized and earned but not when cash is received.
The matching principle: It is also an accounting principle that records revenues and expenses. It needs the business records expenses alongside when revenues are earned. They both fall within the same period of time for the clearest tracking ideally. Businesses must incur expenses to earn revenues as which is recognized by the particular principle.
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The drawback would be that many crimes would go unpunished. Some victims could be too scared, some would prefer to forget about the crime and focus on other things in their lives.
Also, it could encourage people to kill their victims, as they would have noone that could prosecute them.
Answer:
Cash sales = $233,200 × (100 ÷ 106)
= $220,000
Credit sales = $153,700 × (100 ÷ 106)
= $145,000
Sales tax revenue = ($220,000 + $145,000) × 6%
= $21,900
Therefore, the Journal is as follows:
Sales tax revenue A/c Dr. $21,900
To sales tax payable $21,900
(To record the sales tax payable)
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<u>Service technicians</u><u> are expected to monitor </u><u>Lenovo Learning site</u><u> to take service courses for new products.</u>
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For administration and troubleshooting purposes, which feature of the Windows operating system enables the user to access system event logs?
- Microsoft's Windows Server and client operating systems both come with the Event Viewer for viewing Windows event logs.
- By selecting the Start button and typing Event Viewer into the search bar, users can access the Event Viewer.
- The required log can then be chosen and examined by users.
What are the two types of customer replaceable units CRUS?
- Parts that can be easily installed or replaced by customers themselves or by qualified service personnel at an additional cost are referred to as self-service CRUs.
- CRUs with optional services: Mention components that can be installed or changed by clients with more expertise.
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