0
Add your answer:
Earn +20 pts
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
The accounting principle that requires revenue to be reported when earned is the?
revenue recognition
What is Unearned revenue reported as in a financial statements?
A liability.
Is bad debt reported on the income statement as a contra revenue account?
It depends on when the Accounting period too place. From2011 onward, it was reported as an Expense. Starting in 2012, bad debt expense is reported as a contra Revenue account.
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
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
The accounting principle that requires revenue to be reported when earned is the?
revenue recognition
What is Unearned revenue reported as in a financial statements?
A liability.
Is bad debt reported on the income statement as a contra revenue account?
It depends on when the Accounting period too place. From2011 onward, it was reported as an Expense. Starting in 2012, bad debt expense is reported as a contra Revenue account.
When using accrual accounting revenue is recorded and reported only when?
When it is earned.
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.
Accrued revenue is reported and recorded when?
the moment the transaction occurs not when you receive the money
Is motocross a big sport?
AMA Motocross revenue for 2008 was reported to be 559 million.
What did Boon Edam Inc. earn in 2001?
It reported 2001 revenue of $5.34 billion
What did Lucent Technologies Inc. earn in 2002?
In 2002 it reported revenue of $12.3 billion
What is the gross revenue of NASCAR?
As of 2021, NASCAR reported a gross revenue of approximately $3 billion.
