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Mnenie [13.5K]
3 years ago
7

Which of the following items is an example of revenue?

Business
1 answer:
dedylja [7]3 years ago
7 0

Answer:

b. Cash received from customers at the time services were provided.

Explanation:

When a business recieves payment for goods or services rendered it has earned revenue.

Revenue is defined as the income that a business generates from normal business activities such as sales of goods and services.

It is also called sales turnover.

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Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and
Leni [432]

Answer: Please find answers in explanation column

Explanation:

To record flow of cost of raw materials

     Account                                               Debit           Credit  

1) Work in process-Refining department $385,000  

            Raw           Materials                                            $385,000

To record flow of  labour cost

Account                                                         Debit           Credit  

2) Work in process-Refining department    $143,000  

          Wages payable                                $143,000

To record applied factory overhead

Account                                                           Debit           Credit  

3) Work in process-Refining department    $99,000  

factory overhead-refining department                             $99,000  

Entry to record the transfer of production costs to the second department, Sifting.

Account                                                    Debit           Credit  

4) Work in process-Sifting department $626,800  

Work in process-Refining department                           $626,800

calculation

Beginning work in process +   raw material + wages payable + factory overhead - ending work in process

$29,600 + $385,000+ $143,000 +$99,000 - $29,800   =$626,800

6 0
3 years ago
Managerial accounting is governed by generally accepted accounting principles (gaap). a. true b. false
diamong [38]

This is a False Statement.

Generally Accepted Accounting Principles (GAAP) need not be followed by managerial accountants when preparing management reports.

Specifically, management accounting aims to

  • provide Information for internal Organisation managers
  • providing details to governmental regulating bodies
  • Information for shareholders, the accounts payable department, and other parties outside the company
  • information to shareholders, accounts payables, and other parties outside the company, as well as information to management inside the firm.

To Learn more about Management Accounting, Click the links.

brainly.com/question/21597572

brainly.com/question/18414655

#SPJ4

3 0
2 years ago
The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca
nikklg [1K]

Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

Explanation:

The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:

July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300

Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

7 0
3 years ago
How might a person’s place in the life cycle influence investment decisions?
vfiekz [6]

Answer:

Student responses will vary, but should include: A young investor has years of earning power and can take greater risks because he/she has time to make-up for losses. An older investor needs more security and current income from their investments because they are using it to retire on or they need it to continually grow so that they can retire.

Explanation:

3 0
3 years ago
Consider the economy of Arcadia. Its households spend 75% of increases in their income. There are no taxes and no foreign trade.
Varvara68 [4.7K]

Answer:

Consider the economy of Arcadia. Its households spend 75% of increases in their income. There are no taxes and no foreign trade. Its currency is the are. Potential output Is 600 billion arcs (Scenario: Fiscal Policy) Look at the scenario Fiscal Policy. If actual output Is 500 billion arcs, to restore the economy to potential output government should by 25 billion arcs.

increase taxes

Explanation:

8 0
3 years ago
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