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Kazeer [188]
3 years ago
5

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the perf

ormance obligation is satisfied is the :
A) expense recognition principle.
B) periodicity assumption.
C) revenue recognition principle.
D) accrued revenues principle.
E) going concern assumption
Business
1 answer:
Allisa [31]3 years ago
5 0

Answer: (C) Revenue recognition principle

Explanation:

The revenue recognition is one of the type of principle that help[s in understanding the various types of accounts based guidelines that helps in identifying the particular condition in which the revenue is basically recognize.

The importance of third principle is that it helps in ensure the actual loss or the profit Margin that maintains the financial credibility.

According to the given question, the revenue recognition principle basically accepting the various types of accounting principle that helps in satisfying the performance obligations.      

Therefore, Option (C) is correct answer.

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If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
luda_lava [24]

If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.

Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.

For example, consumers are less price relatively insensitive if the product or service is unique or has few alternatives. Consumers are less price sensitive when total costs are low relative to total revenues. The total effort compared to the total cost of the final product also influences price sensitivity.

Learn more about price inelastic at

brainly.com/question/5078326

#SPJ4

<em>Your question is incomplete. please read below to find the full content.</em>

If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.

price inelastic.

quantity demanded.

relative price increase.

change in price.

7 0
2 years ago
Suppose economic conditions call for a tax increase but Congress does not implement this measure because an election is approach
Daniel [21]

Answer:

Implementation lag

Explanation:

there are four types of lags associated with fiscal policy

Administrative lag is the time it takes to enact the needed policies. Operational lag is the time it takes for the policy to be enacted to the time the effects are felt in the economy

Recognition lag is the amount of time it takes for authorities to recognise a problem in the economy that needs fiscal policy intervention.

Implementation lag is the amount of time it takes for fiscal policy decisions to be implemented.

3 0
3 years ago
Q 3.35: paulson oil account balances at january 31st include: cash $70,000, accounts receivable $100,000, common stock $120,000
AleksAgata [21]
Cash Balance at the beginning of February:
70,000
Collected $25,000 of AR:
+25,000
Paid 10,000 owed
-10,000
Cash Balance at the end of February:
70,000 + 25,000 - 10,000 = 85,000 
7 0
3 years ago
Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels a
zvonat [6]

The total profit that Brenda's Board company earns after selling 100 skateboards is $3000 .

The formula for profit = Revenue - Production cost

<h3>Further explanation </h3>

Many terms that we usually use in the business or accounting including:

1. Revenue is the income that business made, usually from selling products or services to customers.

2. Production cost is the total expenses used for manufacturing, this cost includes raw material, overhead, and labor  

3. Profit is the amount that earns after the total cost of producing goods or offering services deducted from its revenue.  

From the case above, we know that Brenda’s Boards sells the skateboard for $45 each.

The total cost for making one skateboard is $15, this cost by adding up all the production cost or the expenses

= The wheels and mounts + plastic board + paint + labor = $3+ $1 + $1 + $10 = $15

Using the formula and the information above we can calculate the profit for 100 skateboards:  

Total revenue = $45 x 100 = $ 4500

Total cost = 100 x $15 = $1500

Profit = Revenue - Production cost (expenses) = $4500 - $1500 = $3000

<h3>Learn more </h3>

Profit-sharing plan brainly.com/question/1494270

Revenue brainly.com/question/1332812

Production cost brainly.com/question/1176751

Keywords: business profit, revenue, production cost, business expenses

3 0
3 years ago
Read 2 more answers
An asset was purchased for $54,000 and originally estimated to have a useful life of 10 years with a residual value of $4,900. A
Keith_Richards [23]

Answer:

Annual depreciation for the first two years is  $4,910.00  

Book value at the end of year 2  $44,180.00  

depreciation expense for each of the remaining years after revision is $21,110.00

Explanation:

The initial depreciation =cost-salvage value/useful life

cost was $54,000

salvage value is $4,900

useful life was 10 years

initial depreciation charge=($54,000-$4,900)/10=$4,910.00  

Book value at the end of year 2=cost-depreciation for first 2 years

book value at the end of year 2=$54,000-($ 4,910*2)=$44,180.00  

Depreciation expense for remaining years=($44,180-$1,960)/2=$21,110.00  

3 0
2 years ago
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