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The accounting principle that requires revenue to be reported when earned is the?
Wiki User
∙ 12y ago
revenue recognition
Wiki User
∙ 12y ago
Anonymous
Accrual reporting
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The revenue recognition principle dictates that revenue should be recognized in the accounting records?
The revenue recognition principle dictates that revenue should be recognized in the accounting records when it is earned.
Which of the following are in accordance with generally accepted accounting principles?
the revenue recognition principle dictates that revenue should be recognized in the accounting records?
The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the?
The accruals concept, otherwise known as the matching concept as it's purpose is to match expenses and revenue to each other in the correct accounting period.
Revenue is recognized when it is earned?
Generally, yes according to the accounting principle.
What is the matching principle?
The Matching Principle is a rule that requres that expenses be recorded and reported in the same period as the revenue that those expenses help earn. It is a fundamental concept of accrual accounting as it is the association between the economic benefits (revenue) and economic cost (expenses) that is used to calculate profit (which is a measure of performance).
The revenue recognition principle dictates that revenue should be recognized in the accounting records?
The revenue recognition principle dictates that revenue should be recognized in the accounting records when it is earned.
What is the different between accounting principle and accounting principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
Which of the following are in accordance with generally accepted accounting principles?
the revenue recognition principle dictates that revenue should be recognized in the accounting records?
The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the?
The accruals concept, otherwise known as the matching concept as it's purpose is to match expenses and revenue to each other in the correct accounting period.
When using accrual accounting revenue is recorded and reported only when?
When it is earned.
Revenue is recognized when it is earned?
Generally, yes according to the accounting principle.
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
What is the matching principle?
The Matching Principle is a rule that requres that expenses be recorded and reported in the same period as the revenue that those expenses help earn. It is a fundamental concept of accrual accounting as it is the association between the economic benefits (revenue) and economic cost (expenses) that is used to calculate profit (which is a measure of performance).
What is the difference between accrual accounting and matching principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
One of the accounting concepts upon which deferrals and accruals are based is?
revenue recognition principle
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.
