0
What else can I help you with?
Which principle Revenue is recorded only when the earnings process is complete?
Revenue recognition principle
The matching concept requires expenses be recorded in the same period that the related revenue is recorded?
true
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
Services performed for cash should be recorded in the?
Revenue Journal
Where are services performed for cash should be recorded?
Revenue journal
Which principle Revenue is recorded only when the earnings process is complete?
Revenue recognition principle
The matching concept requires expenses be recorded in the same period that the related revenue is recorded?
true
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
Services performed for cash should be recorded in the?
Revenue Journal
Where are services performed for cash should be recorded?
Revenue journal
Where is the revenue expenditure listed on the financial statement?
revenue expenditures are recorded in "income statement" as revenue expenditures are those expenses, benefits of which has already taken by company in full.
When using accrual accounting revenue is recorded and reported only when?
When it is earned.
Do revenue and expenses should be recorded in the same period to which they relate?
false
The revenue recognition concept?
The revenue recognition concept is commonly used in accrual form of accounting. This indicates revenue should only be recorded when and entity is completed to a substantial level.
What would happen if you recorded a capital expenditure as a revenue expenditure?
if you recored revenue expediture as capital expediture your profit will be decrease by that amount
The accrual basis of accounting requires revenue be recorded when cash is received from customers?
False. Under the accrual basis of accounting, revenue is recorded when earned, not necessarily when cash is received. Revenue is earned when a sale is made, whether the customer pays cash or makes the purchase on account.
In which types of accounts are increases recorded by credits?
Liabilities, Sales revenue, Capital.
