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Is the expense incurred in acquiring patent rights a revenue expenditure?
capital expenditure.
Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned?
true
Are Accruals needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.?
true
Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded?
TRUE
What is full accrual accounting?
Accrual accounting is a system which recognizes revenue or expense when it is earned or incurred but not when it is paid or received.
Is motor expenses a fixed cost?
The nature of the expense decides whether it is capital or revenue expense. If the expense is incurred for maintaing it in good condition it is revenue nature and it has to be debited in profit & loss account (eg. petrol, service charges, ect.). If the expense is incurred for making it run then it is capital nature and is to be added to the value of the motor car. (eg. change of engine or any important parts which is important for the running of the motor car)
What practice is when letting the expense follow the revenue?
This is the Accrual basis accounting method, which uses the matching principle (expenses following revenue) to record expenses when they are incurred, and revenue when it is earned (not on the date when cash is received or paid out).
Should investments be listed under expense or revenue in an income statement?
The money that you invest should be counted as an expense. The income from your investment would be considered revenue.
What is a revenue expenses report?
A revenue expenses report is a listing of all expenses an organization incurred during a specified period, usually a month, quarter, or a year. One example of n expense is rent, utilities, etc.
Is software considered a capital expense?
Yes, software can be considered a capital expense if it is purchased for long-term use and provides lasting benefits to a business, such as increasing productivity or generating revenue.
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
What is reveue?
Revenue is an income incurred in business.
