When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Give examples of internal control procedures a business enterprise must implement

Q: What distinguishes a retail business with the services business?

A: Retail business and Service business are two types of business, in which one provides goods for use…

Q: The Question is: True or False & Why?: Comparability across companies will be enhanced since ASC…

A: ASC606 is the new guideline set up by IASB and FASB together to overcome the disparity in revenue…

Q: Which of the following statements best describes controlled business? Insurance agencies that are…

A: Insurance is an agreement between the two parties under which one party agrees to provide financial…

Q: The revenue recognition model promises to provide a coherent and consistent revenue recognition…

A: Given statement is: The revenue recognition model promises to provide a coherent and consistent…

Q: Describe a nonmanufacturing business that could benefit from the use of standards. Also, explain how…

A:

Q: Explain revenue recognition for franchises.

A: A franchise agreement is a business agreement where a franchisor grants a franchisee the right to…

Q: Justify accounting's usage in tracking and monitoring economic events that impact business…

A: The answer for theory question on accounting's usage in tracking and monitoring economic events that…

Q: Internal users of accounting information: Multiple Choice Are not directly involved in operating a…

A: Generally, internal users of the financial information are the people within the organization who…

Q: The revenue recognition model is to provide a clear and uniform structure for all businesses to…

A: The answer :

Q: Who is responsible for enforcing compliance with laws and regulations in the business?

A: Compliance Audit: Compliance audit refers to the encyclopaedic review of entities adherence with…

Q: Why is a company's accounting cycle so important? It is necessary to provide instances of why…

A: The financial accounting cycle of a firm refers to the whole process of recording and processing the…

Q: Which of the following would be considered part of the control environment of an entity?   Question…

A: Control Environment of an entity is the collection of standards, processes, and structures that give…

Q: Which of the following would not be considered internal users of accounting data for a company? a.…

A: The company produces accounting data in the form of financial reports and related disclosures. There…

Q: What is the purpose of determining the BEP? How does a company use this in its daily activities?…

A: Breakeven point analysis is a tool used to determine when a business will be able to cover all its…

Q: What impact do a company's activities and business sectors have on the accounting information system…

A: Accounting in the modern environment is done with the help of computers. As businesses are expanding…

Q: What is the concept of apparent authority? Give an example of how it might crop up in the business…

A: Meaning of Apparent Authority :- Apparent authority arises when someone reasonably believes a person…

Q: Which of the following highlights a purpose of having a conceptual framework for financial reporting…

A: Conceptual framework for financial reporting is a single, complete and comprehensive document…

Q: What is meant by GAAP? Why should companies follow GAAP in reporting to external users?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues…

A: a) Distinguish between packaging slip, a shipping notice and a bill of shipment as follows:

Q: True or False & Why? : Comparability between businesses will be improved since ASC 606 establishes…

A: The Answer

Q: Identify the party below that is not external to the firm. A vendor B government agencies C)…

A: External party is an entity, individual or organization that is outsider of firm.

Q: How do the business processes and lines of business of a company influence the architecture of its…

A: AIS is an acronym for... Financial data may be retrieved, stored, managed, and processed using…

Q: Please describe a nonmanufacturing business that could benefit from the use of standards. Also,…

A: The non manufacturing business is the one that provides services and do not produce any physical…

Q: An explanation of the accounting role of a business. What is the purpose of the function, and why is…

A: Accounting is the discipline of recording and reporting on a company's financial transactions and…

Q: How do a company's operations and lines of business affect the architecture of its accounting…

A: SOLUTION  AN ACCOUNTING INFORMATION SYSTEM IS A SYSTEM OF COLLECTING , STORING AND PROCESSING…

Q: d ho

A: Agency relationship : An agency connection can be understood as the fiduciary relationship in which…

Q: What is the difference between a specialized industry like banking and airlines to other industries…

A: Specialized industries are those industries that have specific financial and accounting standards…

Q: What effect do a company's business operations and areas of business have on the architecture of its…

A: The following will illustrate how a company's business procedures and areas of business impact the…

Q: Which of the following term is related to the compliance of business ethics? O a. Public image O b.…

A: The entity needs to comply with their business ethics for long term growth and focus on both…

Q: Describe a nonmanufacturing business that could benefit from the use of standards. Additionally,…

A: Standard is nothing but a parameter for any process which is used to compare actual results with…

Q: How might firms use information to evaluate business operations?

A: Everything which keeps a business running and earning money is referred to as business operations.…

Q: Describe accounting's internal role inside a business's internal operations and processes. What is…

A: A method of communicating financial data to users such as investors, people, or the government.…

Q: Please describe a nonmanufacturing business that could benefit from the use of standards. Also,…

A: When nonmanufacturing activities repeat and result in a homogeneous product, standards may be used.…

Q: what are the accounting standards codification and how companies apply them to their activities?

A: Accounting standard: It is a set of basic rules and principles which is set by the Financial…

Q: Why accounting information is so useful for the potential users of inside and outside the company…

A: Stockholders are considered to be the owners of shares of the capital stock of the corporation. They…

Q: What variables should accountants take into account while developing a company's PPE accounting…

A: Introduction : The company's assets are the objects on its balance sheet that are expected to bring…

Q: What does GAAP mean? Why should businesses adhere to GAAP when reporting to external stakeholders?

A: The accounting is a process to identify, classify and record the transactions of the business and to…

Q: What are the five key steps a company follows to apply the core revenue recognition principle?

A: Revenue recognition principle: Revenue recognition principle refers to the revenue that should be…

Q: Explain the ethical consideration or ethical values to be followed/maintained in the accounting…

A: The not for profit organizations does not operate to undertake economic activities with a motive to…

Q: When it comes to the design of an Accounting Information System, how do an organization's business…

A: The Answer

Q: what is sale revenue in retail industry? what is service revenue in service industry? what is…

A: Revenue represents the income generated by the entity either through business operations or through…

Q: Discuss what forms of relevant information are applicable for business decisions related to Make or…

A: Decision making model: A general approach to tactical decision making includes : Define the…