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Do revenue and expenses should be recorded in the same period to which they relate?
Wiki User
∙ 11y ago
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Wiki User
∙ 11y ago
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What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
State two generally accepted accounting principles that relate to adjusting the accounts?
I believe the answer is Revenue recognition Principle and Matching Principle. Can anyone confirm.
What are the problems arise from accounting matching principle?
Its not easy match it with the bad debts and the discount allowed if there are provisions made during the period that relate to the period under review.
What is inter-company account?
Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
What are the Important adjustment entries in a profit and loss account?
Some important adjustment entries in a profit and loss account include depreciation expense, accruals, prepayments, provisions for doubtful debts, and deferred revenue. These entries help to accurately match expenses and revenues in the accounting period they relate to, ensuring the financial statements present a true and fair view of the company's financial performance.
How does Facebook get its revenue?
Facebook makes its revenue through advertising. Facebook takes your private information and markets it to companies that will manipulate their ads to relate to your likes and interests.From Advertisement
How does wave speed relate to wavelength and period?
Wave speed = (wavelength)/(period)
How do frequency and period relate to each other?
Frequency and period are mutual reciprocals.
How does the period of a pendulum relate to how hard the pendulum is pushed?
It shouldn't relate at all. The period of a pendulum depends only on its length, not on how far it swings side-to-side.
How does equivalent relate to ecological equivalents?
by moving the period table
What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
How do you Relate group period and transition metals to the periodic table?
gay
Is selling cost a period cost?
Yes selling cost not directly relate to production of units that's why it is period cost.
How does Internet relate to physics?
This is because of transfer of signals in short period of time
What time period relate to the Renaissance?
Most of the 15th and part of the 16th century.
