When is revenue recognized in the following situations?(a) Revenue from selling products, (b) revenue from servicesperformed, (c) revenue from permitting others to usecompany assets, and (d) revenue from disposing of assetsother than products.

Q: if a firms expense equal or exceed it's revenue what actio might management take

A: Explanation is given below,

Q: Preparation of adjusting entry for depreciation is supported by which principle/concept/assumption?…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Under this concept a profit is earned only if the financial (or money) amount of the net assets at…

A: The financial capital maintenance conception is that the capital of a corporation is barely…

Q: Which of the following would not explain the difference between current and non-current assets?…

A: What are currents assets and non current assets let us understand that first.  Current assets are…

Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…

Q: The firm recognizes an expense when the following condition(s) hold(s):   Select one: A. The…

A: Introduction:- Generally expenses should be recognized in the same period as the revenues relating…

Q: Contrast a revenue/expense approach and an asset/liability approach to  accounting standard setting.

A: Revenue Expense approach recognizes Income statement items first Whereas, Asset/liability approach…

Q: What types of properties are likely to be valued using the receipts and expenditure or profits…

A: The process of acquiring an estimate of the price of your home from a realtor or an independent…

Q: _Accounting concept is in valuation of fixed assets

A: Option A. Historical cost concept says fixes asset is to be recorded at the amount paid to acquire…

Q: under the cost recovery method of revenue recognition, a. Income is recognized immediately b. Income…

A: Cost recovery method of recognition of revenue is used when there exists substantial doubt regarding…

Q: When assets are exchanged in a transaction involving commercial substance, how is the gain or loss…

A: Below is the computation and accounting treatment for gains or losses on assets exchanged in a…

Q: The following expenditures shall be expensed when incurred, except * Payment in advance of delivery…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: Companies recognize revenue when goods or services are transferred to customers for the amount the…

A: Given statement is:Companies recognize revenue when goods or services are transferred to customers…

Q: As prepaid assets are used to generate revenue, an adjustment is necessary to reduce the previously…

A: Prepaid assets are those assets which consists of advance payments for goods and services that are…

Q: Companies that use IFRS: a.    must report all their assets on the statement of financial position…

A: IFRS: IFRS - International Financial Reporting Standards. It consists of a set of accounting rules…

Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: When it is probably that future economic benefits associated with an asset will flow to the entity,…

A: Accounting standard 1 deals with the disclosure of accounting policies which states that the company…

Q: What is the name of the accounting concept or principle that determines the amount initially entered…

A: Accounting for an entity is generally governed by various accounting concept that are generally…

Q: What is the difference between a revenue and a gain? O a. Revenue results from internal…

A: Analysis: Revenue: Revenue means total  income generated by the company from the sale of goods or…

Q: Explain how economic events result in assets

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: What type of asset does a merchandiser have that a service provider does not? Why is it important…

A: Merchandising companies will have an asset for inventory, whereas service companies do not. This is…

Q: Also known as the historical cost principle, ________ states that everything the company owns…

A: Accounting principles are those rules or regulations which are used by all the accountants in…

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: What is the difference between a revenue and a gain? Revenue results from internal transactions,…

A: Revenue means the amount earned by selling the goods or services which is the main business of the…

Q: How should the assets and liabilities of a disposal group held for sale be reported? A. The assets…

A: A disposal group is a group of assets and liabilities that are proposed to be sold off or discarded…

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: Which of the following statements is correct regarding income reporting under IFRS?(a) IFRS does not…

A: The correct option is C. For reporting income under IFRS, companies have to classify its expenses…

Q: why service industry not involved tangible assets and retail industry involved tangible assets?

A: Assets can be divided into tangible and intangible assets. Assets which have physical existence and…

Q: At what point revenue does revenue recognition occur

A: Revenue recognition: Revenue recognition refers to an accounting principle that states the specific…

Q: Is the matching of costs and revenue a basic accounting principle?

A: Accounting Principle: The set rules which defines the way account should be prepared is known…

Q: In depreciating the cost of an asset, accountants are most concerned witha. Conservatism.b.…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept…

A:

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Assets are creditors' claims on assets. These claims reflect company obligations to provide assets,…

A: The resources that a firm possesses or controls are referred to as assets Assets include: Current…