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Answer:
A
Explanation:
Matching principle of accounting says that revenue must be recorded as soon as it is generated, not on the basis of its collection. Since income receivable is recorded as an income, therefore it must be recorded as long as it is earned not as it is collected.
Same is the case of expense as long as it is occurred, it should be recorded, not by payment is recorded.
Answer:
a) should be reported as a separate classification on the balance sheet.
Explanation:
Intangible assets such as software cost are not physical or tangible assets and as such <u>cannot</u> be reported under the heading Property, Plant, and Equipment.
Intangible assets like some elements of Property, Plant, and Equipment are used for more than a year and as such are usually non current assets.
Intangible assets are reported in the balance sheet as (like other assets), economic benefits flow to the entity from the use of intangible assets.
Hence, the right option is a) should be reported as a separate classification on the balance sheet.
an example of government expenditure on goods and services is D. The purchase of office supplies for the office of the junior senator from New York.
<h3>what is government expenditure?</h3>
this refers to any amount that the government spends in the economy including those that are spent to maintain government activities.
the government spending money on a senator would therefore fall under government spending to maintain itself.
options for this question include:
A. The amount spent on hotel accommodation when tourists visit Washington D.C.
B. The payment of unemployment benefits
C. The salaries paid to Washington correspondents from major networks and newspapers
D. The purchase of office supplies for the office of the junior senator from New York
find out more on government expenditure at brainly.com/question/25125137.
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Answer:
Date Journal Entry Debit Credit
Aug 15 Cash $245,152
Due from factors $10,432
Loss on sale of receivables $$10,216
Recourse liability $5,000
Account receivable $260,800
Cash received = ($260,800*94%) = $245,152
Add: Due from factor($260,800*6%) = $10,432
Less: recourse obligation= <u>$5,000</u>
Net proceeds= <u>$
229,720</u>
<u>
</u>
Loss on sale of Receivables = $260,800 * 2% + 5000 = $10,216
