The correct answer is True. When ownership of the items passes to the customer, revenue is realised. In addition to the requirements for determining when control transfers, a reporting entity must also satisfy certain additional requirements for a customer to have achieved control in a bill-and-hold arrangement.
A bill and hold sales arrangement allows for payment in advance of the item's delivery. This is a sales agreement when a product seller invoices a consumer up front but doesn't actually ship the thing until later.
In a bill and hold transaction, the vendor does not deliver the purchased goods to the customer, but the associated income is still recorded. Under this structure, revenue cannot be recognised until a number of severe requirements have been satisfied. The possibility of falsely recognising revenue too early exists otherwise.
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Answer:
Bank Reconciliation Statement as of October 31
Particulars Amount Particulars Amount
Balance as per bank $350 Balance as per books $806
Add: Late deposit $433 Less: Returned checks $80
Less: Outstanding check $66 Less: Error recordings $9
($24+$42) ($65-$56)
Reconciled Balance $717 Reconciled Balance $717
Answer:
$60 million
Explanation:
The computation of the value of operations after the repurchase is shown below:-
Total corporate value = Value of operation + marketable securities
(5 × $15 million) = Value of operation + $15 million
$75 million = Value of operation + $15 million
Value of operation = $75 million - $15 million
= $60 million
We simply applied the above formula so that the firm's value of operations after the repurchase could come
Answer:
Explanation:
Julie is 25 years old and living in an apartment. She is thinking about quitting her job and returning
to college. Consider the following costs: tuition, the cost of books and supplies and rent.
Rent is
A. not a cost associated with college
B. an explicit cost of attending college
C. an implicit cost of attending college
Answer:
C. being outdoors, horticulture, raising animals
Explanation:
Horticulture refers to the process of cultivating trees, plant agriculture either for promoting recreational activities, for decoration or food purposes. If Fred takes interest in Agriculture, food and natural resources; that means he would practise horticulture as a career. Also, other source of foods which includes activities such as raising animals, fishing, hunting, etc would require Fred to be outdoor. The animals raised in outdoors are mostly farm animals.
