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Should an airline recognize the flight revenue when it collects the money or when the actual flight takes place?
Wiki User
∙ 11y ago
when the flight takes place
Wiki User
∙ 11y ago
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Which us treasury bureau assesses and collects taxes?
The United States Treasury Bureau that assesses and collects taxes is the Internal Revenue Service. The Legislature is also responsible for assessing what taxes should be paid by individuals and businesses.
Someone accepts a legal engagement in March performs the work in April and is paid in May If that person prepares monthly financial statements when should they recognize revenue from this engageme?
Revenue is normally recognized when it is earned. Assuming all work was performed in April, the revenue should be recognized in April. (Dr. A/R; Cr. Revenue)
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.
Introduction about airline?
An introduction about an airline may be seen in a brochure or magazine. The introduction should include the history of the airline and the benefits of using the airline.
The revenue recognition principle dictates that revenue should be recognized in the accounting records?
The revenue recognition principle dictates that revenue should be recognized in the accounting records when it is earned.
What is the best airline pilot shoes?
airline pilots should wear loafers
What is the correct way to spell recognize. Or should it be with a 'z'?
Recognize
Should Revenues earned should be reported on the income statement regardless of cash being received or not?
Earned Revenues are not cash. Unless your using the cash basis (which isn't Generally Accepted Accounting Principles). You recognize revenue when it is realized, realizable, or earned. So if the company realized revenue through a sale, depending on when the title transferred to the buyer (FOB shipping point or FOB destination), the selling company would record the revenue. So to answer your question: Yes, you record Revenue on the Income Statement regardless if you received cash, as long of the title of ownership transferred for that particular product.
What airline should you chose American or Alaska?
Alaska
A revenue variance is unfavorable if the actual revenue is less than what the revenue should have been for the actual level of activity for the period true or false?
TRUE
What are Golf club rules on airline travel?
Different airlines have different policies, you should contact the airline prior to booking.
Does a revenue account normally have a debit balance?
No. A revenue account should always show a credit balance.
