Answer:
False.
Explanation:
The revenue recognition principle states that revenue should be recognized and recorded when it is realized or realizable and when it is earned. In other words, companies shouldn’t wait until revenue is actually collected to record it in their books.
Revenue should be recorded when the business has earned the revenue even it has not been paid by customers to finance expenditures
I believe the answer is: Gross pay
When employees receive their monthly salaries, the amount that they receive is already deducted by the federal government as tax payment or by company's healthcare and pension plan.
The gross pay is the amount of money that the employees would receive if they do not have to pay for any of that stuff.
Answer:
It would be wiser for the couple to stay in the old apartment and save $1400
Explanation:
If they stay until the end of the lease, total money that will be paid out is $1000 x 6 = $6000,
If they leave, they'll have to forgo $1000.
If they move to their new apartment, they'll pay $900 x 6 = $5400
total expenditure if they move to the new place at the end of the six months period will be, the $1000 that will not be refunded back to them on the old apartment, plus this new $5600 for six month's rent in this new apartment, and that will be a total of $6400.
It would be wiser for the couple to stay in the old apartment and save $1400
Answer:
A. Jordan specializes in household production, while Chris specializes in marketplace work.
Explanation:
Chris and Jordan both can work for their household. The best way is to achieve maximum utility by using the combination of their skills. Chris can go for household work and Jordan can go for marketplace work. They both can use combination of their specialization to achieve maximum utility.
Answer:
is a potential liability that has arisen because of a past event or transaction.
Explanation:
A contingent liability is a potential liability that has arisen because of a past event or transaction.
Some of the characteristics of contingent liabilities includes being remote, probable, estimable, and reasonably possible.
In order to record a contingent liability as a liability on a company's balance sheet, it must be probable (likely to occur) and subject to estimate.
Hence, companies are advised to record the contingent liabilities so as to meet the Generally Accepted Accounting Principles (GAAP) and IFRS requirements.
