Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.
Hence we can say that "record revenue when goods or services are provided to customers" is the definition of <u>Revenue Recognition</u> principle in accounting.
Answer: technological environment
Explanation:
With the scenario explained in the question, the business is responding to changes in the technological environment.
Technological environment has to do with the environment that relates to how science and technology has brought Improvement into businesses. This can be seen in the scenario explained in the question.
Based on the given scenario above, the correct answer for this would be option A. So based on Jessica's situation, the condition that the scenario describes would be UNLIMITED PERSONAL LIABILITY. Unlimited liability<span> refers to the legal obligations that one must assume. Hope this is the answer that you are looking for. </span>
Answer:
The amount of amortized organizational expenses for the year 2013 would be $6,333 ( approximately )
Explanation:
First of all the important point here to note is that while calculating the amortized organizational cost we only include the legal fee for drafting the corporate charter and not the commission paid to underwriter or cost incurred while selling the stock.
In the legal fee for corporate charter too there are limitations , as only $50,000 are allowed as total expenditure to be amortized over a period of 15 years or 180 months. Where for the first year the limitation allowed is $5000 and rest of the amount would be amortized over 180 months.
So $45,000 - $5000 = $40,000
$40000 / 180 = $222.22
Now multiplying this by 6 months as the operations of company began on 1 July , 2013,
$222.22 x 6 = $1333.32
Now adding this amount to $5000 will give us the total amortized organizational expense,
$5000 + $1333.32 = $6,333.32
= $6,333 ( approximately )
Considering the available options, Bonds are a "<u>store of value, but not a medium of exchange."</u>
<h3>What are Bonds?</h3>
Bonds is a term or entity in the financial world to describe a form of fixed-income security that has its terms stipulated in an indenture or legal contract.
<h3>Medium of Exchange</h3>
On the other medium of exchange is an entity used in a transaction to exchange goods or services.
In modern times, the medium of exchange is currency or money.
Hence, in this case, it is concluded that the correct answer is option B. "<u>store of value, but not a medium of exchange."</u>
Learn more about Bonds here: brainly.com/question/25425872
