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the moment the transaction occurs not when you receive the money
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∙ 11y ago
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Is accrued revenue an asset?
no, its a revenue
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
If an adjusting entry is not made for an accrued revenue what will be overstated?
accrued revenue is acc. receivable control, which is an asset. if it is not made, the assets will decrease. Eq=A-L, A drop, and then Eq will decrease. accrued revenue can be category of sales revenue too, so if sales drop, P=I-Ex, P will decrease the only thing will increase is L and Ex when comparing with A P or I.
The revenue recognition concept states that revenue should be recorded in the same period as the cash is received?
False Because it determines when revenue is credited to a revenue account. Cash method means the transaction is reported when cash is received, but the revenue recognition concept means a transaction is reported as a sale even if no money has been paid. Cash basis does not recognize payable or receivable accounts.
What is an accurate description of accrued revenue?
Accrued revenue is income that has been earned but not yet received. An example would be if you own a rental home and the rent is due on the 1st but your tenants do not pay until the 10th of the month.
Is accrued revenue an asset?
no, its a revenue
When using accrual accounting revenue is recorded and reported only when?
When it is earned.
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
What does revenues is not accrued mean?
Accrued revenue refers to revenue that has been incurred (earned) but not yet received.
What would the journal entry be to record an accured revene?
[Debit] Revenue receivable [Credit] Accrued revenue
What is journal entry for Accrued Revenue?
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
If accrued revenue is left out of financial statement what are effects on in come statement balance sheet cash flow statement?
Assets (accrued revenue) is understated. Accrued taxes are understated (unaccrued revenue times tax rate) Retained earnings are understated (amount of revenue not accrued less the accrued income tax) Income statement revenue is understated Income tax expense is understated (unaccrued revenue times tax rate)
If an adjusting entry is not made for an accrued revenue what will be overstated?
accrued revenue is acc. receivable control, which is an asset. if it is not made, the assets will decrease. Eq=A-L, A drop, and then Eq will decrease. accrued revenue can be category of sales revenue too, so if sales drop, P=I-Ex, P will decrease the only thing will increase is L and Ex when comparing with A P or I.
The revenue recognition concept states that revenue should be recorded in the same period as the cash is received?
False Because it determines when revenue is credited to a revenue account. Cash method means the transaction is reported when cash is received, but the revenue recognition concept means a transaction is reported as a sale even if no money has been paid. Cash basis does not recognize payable or receivable accounts.
Unearned revenue is reported in the financial statement as what?
How do you reported unearned janitorial revenue in the financial statements
What is an accurate description of accrued revenue?
Accrued revenue is income that has been earned but not yet received. An example would be if you own a rental home and the rent is due on the 1st but your tenants do not pay until the 10th of the month.
What are the differences of the offshore and onshore dichotomy?
Offshore refers to activities that take place in a foreign country, often for tax or cost-saving purposes, while onshore refers to activities that occur within the country's borders. Offshore activities often involve outsourcing to countries with lower labor costs, while onshore activities are typically closer to the company's base of operations. Offshore can also refer to activities that take place in international waters, such as offshore drilling for oil.
