Product Desalinated water Total annual revenue Total revenue Expenses Net Annual Profit (31%) Table 8: Total Annual Revenue Units of production Price/unit 1 18.73 AED/1000 gallons Estimated production per day 22 million gallons AED 130,964,433 AED 13,490,400 AED 117, 474,033 Estimated annual production 8030 million gallons Revenue 136, 875,000 136, 875,000

Q: Define in detail the basic activities performed in the revenue cycle along with its key decisions…

A: Revenue cycle Revenue cycle is a technique of shaping and maintaining the techniques used for…

Q: What is the annual report, and what two types of information doesit present?

A: Annual report is the report of a company’s performance to its stake holders.

Q: The accrual basis of accounting record income when it is :

A: SOLUTION- ACCRUAL BASIS OF ACCOUNTING- IN THAT REVENUES ARE REPORTED ON THE INCOME STATEMENT WHEN…

Q: Accounting for revenues and expenses - give examples

A: The answer is provided as follows:

Q: How revenues and expenses are are recognized under the accrual accounting?

A:

Q: List and describe the various formats available for the preparation of an Income Statement.

A: Income statement:   It is a financial statement that calculates the net income generated by a…

Q: With reference to the definitions of the basic elements of the Balance Sheet (Assets, Liabilities)…

A: ANSWER:- A balance sheet and an income statement are related by the net income. Net income is…

Q: List various accounts in the balance sheet that representdeferred expenses.

A: Deferred expense: Expense which can be only be recognized on a future date.

Q: Discuss the importance of accrual accounting and its impact on matching revenues and expenses in the…

A: Regardless of when the underlying cash flows take place, accrual accounting is an accounting…

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: What are the accounts that appear on the revenue statement? What is the procedure for completing…

A: The revenue statement and procedure for completing income statements:

Q: How do you prepare annual financial statements?

A: In terms of accountancy, financial statements can be defined as the reports which provide the users…

Q: Describe the way EPS information should be reported in an income statement.

A: Definition: Earnings per share: Earnings per share represent the amount of income earned per share…

Q: How/where is a revenue increase shown on a pro forma income statement?

A: Pro forma income statement is the budgeted or estimated income statement which shows all estimated…

Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

Q: Discuss the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: Explain and apply the five-step revenue recognition process.

A: Revenue:   It refers to the earnings of the organization during the period as a result of business…

Q: Define in detail the basic activities performed in the revenue cycle along with its key decisions…

A: Revenue cycle refers to the method which compiles the sets of business activities used for defining…

Q: Outline the recognition criteria for the following elements of financial statements:

A: Assets are measured by accumulation of equity and liabilities. Some eg are, land, property, cash…

Q: the purposes of financial statements like income statement and trial balance ? I want a paragraph…

A:

Q: Describe the Fundamental Issues Related to Recognizing Revenue.

A: Revenue Recognition: Revenue recognition refers to the principle which tells about the conditions…

Q: Which of the following items is generally a Schedule M-1 adjustment? a.Rent payments b.Gross sales…

A: An essential part of a company's tax return is the Schedule M-1 Adjustment. It is used to reconcile…

Q: How would you fill out a financial impact statement for this data?

A:

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: Describe the accounting for contributions.

A: Contribution: It usually refers to the earnings that can be calculated by subtracting all direct…

Q: What are the five steps used to determine the proper timeto recognize revenue?

A: Revenue is the amount of money which is received by selling goods & services to the customers.…

Q: Define Income and methods of measuring it for internal reporting purposes.

A: Income refers to the money a person or organization receives from various sources, such as wages,…

Q: Identify significant accounts and relevantassertions related to the revenue andcollection cycle.

A: Revenue and collection cycle: Under this procedure, the collection period from the customer is to be…

Q: describe the components of the income statement and alternative presentation formats of that…

A: Income statement is also called profit or loss a/c. Income statement shows the performance of the…