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Is the end of accounting period journal entries that make final reported account balances meet GAAP or other accounting framework requirements?
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When an accounting change is reported under the retrospective approach account balances in the general ledger?
are closed out and then updated
When are revenues reported?
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
Why is Cost accounting a subset of management accounting?
The main purpose of cost accounting is to provide management with financial information necessary to make business decisions. Cost accounting focuses mainly around cost variances, budget analysis, etc. Financial accounting on the other hand ensures that information being reported to outside investors/users is accurate and in compliance with a given financial reporting framework. Hope this helps...
How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
The accounting principle that requires revenue to be reported when earned is the?
revenue recognition
When an accounting change is reported under the retrospective approach account balances in the general ledger?
are closed out and then updated
When are revenues reported?
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
Why is Cost accounting a subset of management accounting?
The main purpose of cost accounting is to provide management with financial information necessary to make business decisions. Cost accounting focuses mainly around cost variances, budget analysis, etc. Financial accounting on the other hand ensures that information being reported to outside investors/users is accurate and in compliance with a given financial reporting framework. Hope this helps...
How often do credit card balances get reported to your credit report?
Monthly
When using accrual accounting revenue is recorded and reported only when?
When it is earned.
How are the revenues and expenses reported on the income statement under the cash basis of accounting?
They are reported in the period in which cash is received or paid
Is every financial transaction reported to all the credit bureaus?
No, just the delinquency history and balances
What concept is the most basic concept to accounting?
idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other information is to be analyzed, accumulated, and reported.
How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
The accounting principle that requires revenue to be reported when earned is the?
revenue recognition
Generally accepted accounting principles regulate how and what financial information is reported by businesses?
yes
Generally accepted accounting principles require that the inventory of a company be reported at?
lower of cost or market
