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3 years ago

According to generally accepted accounting principles (GAAP), revenue is recognized as income when:

Business

1 answer:

bogdanovich [222]3 years ago

4 0

Answer:

the transaction is complete and the goods or services are delivered.

Explanation:

According to generally accepted accounting principles (GAAP), the revenue should be recognized when the goods or services are delivered and the transaction is completed in all respects.

The revenue recognition principle applies when the revenue is realized or earned whether cash is received or not plus it also follows the accrual basis of accounting. Here, realizable means that customer received the product but the payment is made at the later date

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Housing expenses are commonly referred to as piti. what does piti stand for?a.principal, income, taxes, investmentb.payment, inv

Rasek [7]

Correct option is d : principal, interest, taxes, insurance.

Housing expenses are commonly referred to as piti. piti stand for principal, interest, taxes, insurance.

Principal, interest, taxes, insurance or in other words PITI are the sum components of a mortgage payment. Specially, components of the mortgage payment consists of the principal amount, loan interest, property tax, as well as the homeowners insurance and private insurance premiums mortgage.

PITI is generally quoted on the monthly basis. It is then compared to a borrower's monthly gross income for computing the front-end and back-end ratios of any individual.

To know more about PITI here:

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1 year ago

at different times in american history the federal government has relied on certain taxes more than others. which taxes were mor

meriva

Answer: 20th/21st: social insurance tax and individual income tax

19th: tariffs and excise taxes

Explanation:

3 0

3 years ago

What 3 types of customer statements can be generated by QuickBooks Online? (Select all that apply)

Dimas [21]

Answer: The correct answers are:

-"Statements that show a balance forward and then all activity between two specified dates".

-"Statements that show invoices created between two specified dates and their related payments ".

"Statements that show just open transactions".

This 3 types of customer statements can be generated by QuickBooks Online.

6 0

3 years ago

Gabriele Enterprises has bonds on the market making annual payments, with eleven years to maturity, a par value of $1,000, and s

Angelina_Jolie [31]

Coupon rate on the bonds can be calculated in the following way.

Explanation:

To find the coupon rate of the bond. All we need to do is to set up the bond pricing equation and solve for the coupon payment as follows:

P = $958 = C(PVIFA₆.₄₀%,11) + $1,000(PVIF₆.₄₀%,11)

Solving for the coupon payment, we get:

C = $58.57

The coupon payment is the coupon rate times par value. Using this relationship, we get:

Coupon rate = $58.57/$1,000

Coupon rate = .0586, or 5.86%

Calculator Solution:

Enter 11 6.40 ±$958 $1000

N l/Y PV PMT FV

$58.57

Coupon rate = $58.57/$1,000

Coupon rate = .0586, or 5.86%

7 0

4 years ago

At the end of the 2017 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2018. In 2018

katen-ka-za [31]

Answer:

$20 will be recorded as the 2018 expenditure.

Explanation:

In this case, $500 is the remaining in the General Fund for 2017 fiscal year in encumbrances that remained opened into fiscal year 2018.

In 2018, since encumbered goods were received at an invoiced cost of $520, $20 will be recorded as the 2018 expenditure after deducting the carry-forward of 2017 encumbered fund balances of 2017.

First balances carry-forwarded are utilized and then the funds allocated to the General fund for the current fiscal i.e 2018 is utilized. Hence the actual amount that would be recorded as the 2018 expenditure will be $520 - $500 carry forward from 2017 = $20.

6 0

3 years ago