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How an accountant knows when to record revenues in the financial statements?
The accounting standards say that revenues are recorded when they are "realized or realizable." What this means, is that as soon as you have performed the work that gives you the right to that cash, you record the revenue for it (even if you have not yet collected cash).
Are revenues the same as net income?
Revenues are earnings from sales of products and net income is the difference between revenues and expenses.
Which sport has the largest revenues in the us?
Football has the largest revenues
What were Orowheat's revenues in 2001?
Orowheat had $268.6 million in revenues in 2001
What revenues did Timberland have in 1979?
Revenues topped $16 million in 1979
What revenues did Komag have in 2001?
Komag posted $282.6 million in revenues in 2001
What were revenues of Matrix Systems Inc. in 2001?
It had $9.2 billion in revenues in 2001
What effect do revenues and expenses have on retained earnings?
Revenues Increase and Expense Decreases.
What were Thomas' bagel revenues in 2001?
Thomas' had $155 million in revenues in 2001
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.
Prepaid expenses depreciation accrued expenses unearned revenues and accrued revenues are all examples of?
Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of
Do you have to record unearned revenues on income statement?
No. Unearned Revenues are recorded on the Balance Sheet.
