0
What is the inventory method that charges the most recent cost incurred against revenue?
LIFO
What else can I help you with?
What is the inventory costing method that charges the most recent costs incurred against revenue?
LIFO
What is the inventory costing method that charge the most recent incurred against revenue?
LIFO
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is?
FIFO
What is reveue?
Revenue is an income incurred in business.
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
What does revenues is not accrued mean?
Accrued revenue refers to revenue that has been incurred (earned) but not yet received.
What is the difference between revenue expenditure and deferred revenue expenditure?
Revenue expenditure is that which is incurred in anticipation of generating future income for not more than one yr for example- exp incurred in sales promotion and advertisement of an enterprise. Whereas deferred revenue exp. are those for which payment has been made or a liability has been incurred on the presumption that it will be of benefit over a subsequent period or periods
What is revenue leakage in a concurrent audit?
IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
When is revenue reconized in accurual accounting?
Revenue is recognized when it is incurred in accrual accounting while in cash based accounting revenue is recognized when actual cash is paid
Is the expense incurred in acquiring patent rights a revenue expenditure?
capital expenditure.
What is the matching concept in financial accounting?
The Matching Concept: A significant relationship exists between revenue and expenses. Expenses are incurred for the for the purpose of producing revenue. In measuring net income for a period, revenue should be offset by all the expenses incurred in producing that revenue. This concept of offsetting expenses against revenue on the basis of "causes and effect" is called the Matching Concept. The term 'matching' means appropriate association of related revenues and expenses. In matching expenses against revenue the question when the payment was made or received is 'irrelevant'. For example if a salesman is paid commission in January, 2001, for sale made by him in December, 2000. According to this concept commission expense should be offset against sales of December 2000 because this expense is incurred for producing revenue in December 2000. On account of this concept, adjustments are made for all outstanding expenses, accrued revenues, prepaid expenses and unearned revenues, etc, while preparing the final accounts at the end of the accounting period.
