The realisation principle indicates that the revenue from these ticket sales should be recognised in the period in which the Wine tasting is held.
Explanation:
It complies with Revenue Recognition Accounting Policy 9. It will be a burden for the organization, until the moment services are provided for which the money is taken.
Revenue recognition is a GAAP which defines the specific conditions under which revenue can be recognized. Revenue recognition is a generally accepted concept of accounting. In fact, when the crucial event happened, profits are remembered and the value of the profit for the company is tangible.
For Example, when a product is sold, the profit accounting is relatively straightforward, and the customer pays the products. Nevertheless, the fact that a company takes a long amount of time to manufacture a commodity will confuse accounting. Consequently, there are a number of situations in which the concept of acknowledgment of profit may be excepted.
Answer:
Scheduling school projects is a huge task. Educators must have the time management skills to execute such projects. It is of utmost importance that time frames and project length are kept in mind to mange all the functions smoothly.
Educators must have strategic skills so they can manage school project without hindering the daily school routines.
Educators must be learner centered so they can come with projects that effective and enhance the learning of students in different fields, both bookish and recreational.
Answer:
$538,685
Explanation:
Calculation to determine what Scarbrough will receive and record cash of
Receivables $600,000
Less: Amount of the hold back ($30,000)
($600,000 x 5%)
Less: Withheld as fee income ($18,000)
($600,000 x 3%)
Less: Withheld as interest expense ($13,315)
($600,000 × 15% × 54/365)
Cash $538,685
($600,000-$30,000-$18,000-$13,315)
Therefore Scarbrough will receive and record cash of $538,685
Answer: Comparability
Explanation:
The comparability is the term which is used to refers to the standardization which basically describe about the accounting information of an organization.
It helps in enhancing the quantitative characteristics for measuring the overall economical activities between the companies based on their specific status.
According to the given question, the users using the accounting information for differentiating between different types of companies that helps in reporting the various types of same events and this is known as comparability.
Therefore, Comparability is the correct answer.
Answer: Non Organic beef steak
Explanation:
Elasticity of demand measures the sensitivity of a demand for a good to change in price changes. Substitute is another factor that affects the demand of a good in question. There is a positive relationship between Substitute product and the demand of the good in question. An increase in the price of a good in question will increase the demand for the substitute product and a decrease in the price of a good in question will decrease the demand for the substitute product since consumers have a choice because they can easily substitute one product with another product.
We assume that consumers buy non organic (regular) beef steak regularly, Regular Beef steak is therefore more sensitive to price changes because regular beef steak has a very close substitute which is the organic beef steak. A good that has a close substitute product is said to be more elastic or more sensitive to prices because when the price increases consumers will change and buy the substitute product, consumers have a choice. when the price of regular beef steak increases consumers will buy the substitute product which is the Organic Beef steak
