0
What else can I help you with?
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
Recording the cost of equipment as an expense over the time it is expected yo produce revenue is called?
depreciation
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.
Matching revenues and expenses refers to?
Matching revenues and expenses is called "Matching concept" of Accounting.
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
What do you mean by revenue expenditure?
Expenditure for which benefit is expected to be taken in one fiscal year from occurance of expenditure is called 'Revenue Expenditure" Expenditure for which benefit is expected to be taken for morethan once year is called 'Capital Expenditure'
Recording the cost of equipment as an expense over the time it is expected yo produce revenue is called?
depreciation
Revenue matching in the income statement means?
This is the basic principle of accrual accounting that revenues of one fiscal year should be matched with expenses of the same fiscal year and that is called matching concepts and income statements shows the same as well.
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.
Matching revenues and expenses refers to?
Matching revenues and expenses is called "Matching concept" of Accounting.
What is the reduced tariff law called that was sponsored by President Polk's secretary of Treasury that produced substantial revenue and bolstered the US economy?
289 pages
What is it called when a experimental result matching the prediction is called?
Hypothesis.
What matching set of organs each has a tube called the ureter connecting that organ to the bladder?
Your kidneys. They're main role is to filter the waste from your blood and from the large intestines. That's how urine is produced.
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
What is government income called?
Government money is called Revenue
A line that separates figures into two matching halves is called?
A line of symmetry divides a figure into two matching halves.
