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Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
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How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
By matching revenues and expenses in the same period in which they incur?
By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement.
Show the treatment of bad debts in financial accounts?
Treatments of bad debts in financial accounts:-A. Revenues should be reported net of discounts and allowances with the discount amount parenthetically disclosed on the face of the statement or in the notes to the financial statements. Alternatively, revenues may be reported gross with the related discounts and allowances reported directly beneath the revenueamount.B. Provision must be made for bad debt estimates each year. Tuition and fees should be reported net of allowances and discounts. As such, increases in allowances for bad debts are recorded as a reduction in revenues rather than anexpense.C. With regard to the presentation of the provision for bad debt estimates taken as a reduction of tuition and fee revenue, this should be deducted from the gross tuition and fee line item and should not be separately displayed on the face of the statement. This treatment is different than scholarship allowances which are required to be disclosed either on the face or in the notes to the financial statements.
What are prepaid expenses and prepaid revenues how are they reported on the balance sheet?
Prepaid Expenses:These are expenses for which company has paid in advance but the benefits has not yet received that's why it is an asset of company and shown under current assets in balance sheetPrepaid Revenues or unearned revenues:These are revenues for which company has already received the payment from clients but services or products has not yet supplied so it is a liability of company and shown under current liability section of balance sheet.
Treatment of bad debt in financial accounting?
Treatments of bad debts in financial accounts:-A. Revenues should be reported net of discounts and allowances with the discount amount parenthetically disclosed on the face of the statement or in the notes to the financial statements. Alternatively, revenues may be reported gross with the related discounts and allowances reported directly beneath the revenueamount.B. Provision must be made for bad debt estimates each year. Tuition and fees should be reported net of allowances and discounts. As such, increases in allowances for bad debts are recorded as a reduction in revenues rather than anexpense.C. With regard to the presentation of the provision for bad debt estimates taken as a reduction of tuition and fee revenue, this should be deducted from the gross tuition and fee line item and should not be separately displayed on the face of the statement. This treatment is different than scholarship allowances which are required to be disclosed either on the face or in the notes to the financial statements.
How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
How are the revenues and expenses reported on the income statement under the cash basis of accounting?
They are reported in the period in which cash is received or paid
What is the most recently reported revenues of Disney stores?
Will I thank that it is good from 1,300 people
What are the revenues for North American Coal Corp?
The North American Coal Corporation operates as a subsidiary of NACCO, a diversified conglomerate that reported 2002 revenues of $2.5 billion.
By matching revenues and expenses in the same period in which they incur?
By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement.
What did the mutual fund industry earn in 1997?
The industry reported 1997 revenues of $16.6 billion
How big is the U.S Forest Service?
In 2001 the organization reported $8.5 billion in assets and revenues of $1.4 billion.
Who is the largest shoe manufacturer in the world?
Nike is the largest shoe company in the world. They reported record revenues of $18.6 billion.
If Zappos had almost 600 Million in revenues in 2006 why only 135.3 Million in 2007 What happened?
you need to check you numbers buddy, zappos.com had over $800 million in sales in 2007... To whomever posted this, I say: : I am just asking a very VALID question here. These are NOT my numbers...they are the numbers of Hoovers: http://www.hoovers.com/zappos.com/--ID__112806--/free-co-factsheet.xhtml : The same thing was reported on Yahoo Finance, with figures provided by Zappos themselves that they had 135.3 M in revenues for 2007. It was according to ncdmevents.com that http://www.ncdmevents.com/ncdm2007/public/Content.aspx?ID=1204 it was reported that Zappos "estimated" gross revenues of $800 Million for 2007...and also according to internetretailer.com that they "expected" to reach $800MM. http://internetretailer.resultspage.com/retailing/Tony%20Hsieh . Did they indeed or not? My question is, then why do their actual sales or revenues reported to financial insititutions, as well as on financial reports to various organizations and agencies only show revenues or sales of $135.3 Million. Can you explain that please?
Show the treatment of bad debts in financial accounts?
Treatments of bad debts in financial accounts:-A. Revenues should be reported net of discounts and allowances with the discount amount parenthetically disclosed on the face of the statement or in the notes to the financial statements. Alternatively, revenues may be reported gross with the related discounts and allowances reported directly beneath the revenueamount.B. Provision must be made for bad debt estimates each year. Tuition and fees should be reported net of allowances and discounts. As such, increases in allowances for bad debts are recorded as a reduction in revenues rather than anexpense.C. With regard to the presentation of the provision for bad debt estimates taken as a reduction of tuition and fee revenue, this should be deducted from the gross tuition and fee line item and should not be separately displayed on the face of the statement. This treatment is different than scholarship allowances which are required to be disclosed either on the face or in the notes to the financial statements.
Are revenues the same as net income?
Revenues are earnings from sales of products and net income is the difference between revenues and expenses.
What did the magnetic and optical blank media industry earn in 1997?
The U.S. Bureau of Census reported that the magnetic and optical blank media industry earned revenues in excess of $5.9 billion in 1997
