1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
maks197457 [2]
3 years ago
7

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

You might be interested in
Certain contracts, such as those involving the sale of personal property for $500 or more:_______.
djverab [1.8K]

Answer:

B. Must be written to be enforceable

Explanation:

In the United state, sale of personal property for $500 or more must be written to be enforceable. These kind of contracts are said to be within the statute of fraud.

These types of contracts are called Sales contracts which is an agreement between the buyer and seller. For the amount of money involved, a written contract provides security and peace to the mind of all those involved in the contract, hence why deals above $500 must be written to be enforceable.

8 0
3 years ago
In a research proposal, which section comes first?
Amiraneli [1.4K]

Answer:

a. introduction

Explanation:

of a proposal begins with a capsule statement.

3 0
3 years ago
Read 2 more answers
A client has asked for your help to set up a recurring transaction. She wants to create a recurring sales receipt. This is the p
blagie [28]

Answer:

The correct answer is letter "C": Select the type of transaction she wants to make recur.

Explanation:

QuickBooks is an online accounting tool useful for companies to have their record-keeping transactions in the cloud. QuickBooks allows access to financial information using mobile devices and provides different features among the most important having automated transactions.

To create a new automated transaction, the user must follow these steps:  Choose the Gear icon > Recurring Transactions > New > Transaction Type. Among the transaction types available we can identify billing, deposits, transfers, and purchase orders.

8 0
3 years ago
A market system tends to restrict business risk to owners and investors. This results in which of the following benefits?
In-s [12.5K]

Answer: d)Firms have to pay more to attract inputs, as these inputs have to share the risk.

Explanation: When the market system tries to put restriction on the business risk to owner and other investors , the firms have to give more payment to attract them to market business.

The chances of risk have have to be shared by both the parties so the owners or investors are going to indulge in the business when they gain some benefit e.g.-more payment.

Other options are incorrect because entrepreneurship will not be encouraged through this process. Incomes will not be distributed equally and neither the prudent risk management will be aimed.Thus, the correct option is option(d).

7 0
3 years ago
Scenario 15.1. Rick works as a marketer at Hasbro. He recently designed an online contest using social media that encouraged fan
ELEN [110]

Answer:

public relations.

Explanation:

Based on the scenario being described within the question it can be said that this campaign is an example of public relations. This term refers to the practice purposely managing the release and spread of information from the company to the public as well as interacting with the society surrounding the company in order to develop a positive image of the company in the minds of the public.

5 0
3 years ago
Other questions:
  • The graph shows excess demand. A graph titled Excess supply has quantity on the x-axis and price on the y-axis. A line with posi
    13·2 answers
  • EcoFabrics has budgeted overhead costs of $945,000. It has allocated overhead on a plantwide basis to its two products (wool and
    8·1 answer
  • "Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to
    14·1 answer
  • What is artificial monopoly
    15·1 answer
  • Today, if John’s computer stops operating correctly, he probably calls a computer repair technician to fix it. The computer repa
    12·2 answers
  • Question 2-4, please?
    9·1 answer
  • Determining asset cost, preparing depreciation schedules (3 methods), and identifying depreciation results that meet management
    6·1 answer
  • When the price of Milk is $5 per gallon consumers demand 1,000 boxes of Boo Berry Cereal. When the price of milk increases to $5
    5·1 answer
  • The Sustainability Accounting Standards Board was established to develop _____ standards for businesses' sustainability activiti
    13·1 answer
  • List three (3) Safety measures the cashier must take into consideration when doing/making a lodgment at any Financial Institutio
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!