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How much did state governments spend expenditures relative to what they earned as revenue?
State governments typically aim to balance their expenditures with their revenues, but the actual ratio can vary significantly by state and fiscal year. On average, states may spend more than they earn in revenue during economic downturns, leading to budget deficits. Conversely, during boom periods, they might generate surplus revenues, allowing for increased spending on services and infrastructure. The specific figures can fluctuate based on economic conditions, policy decisions, and federal funding.
What else can I help you with?
What is the relative frequency of the revenue earned by B?
To determine the relative frequency of the revenue earned by B, you need to calculate the proportion of B's revenue compared to the total revenue earned by all entities in the dataset. This can be done by dividing B's revenue by the total revenue and then expressing it as a percentage or a fraction. If you provide specific revenue figures, I can help you calculate the exact relative frequency.
What is the relative frequency of the revenue earned by B and B Motors from sales of mini trucks compared to the total sales revenue earned by all four companies?
To determine the relative frequency of the revenue earned by B and B Motors from mini truck sales compared to the total sales revenue of all four companies, you would need the specific revenue figures for B and B Motors and the total revenue of all companies. The relative frequency can be calculated by dividing B and B Motors' mini truck sales revenue by the total sales revenue of all companies, and then multiplying by 100 to express it as a percentage. Without the actual figures, a precise answer cannot be provided.
Explain revenue expenditure?
Expenditures will be treated as revenue expenditures if it is incurred for the following purposes:Expenditure for purchasing floating assets i.e., assets meant for resale at a profit or for being converted into selling goods, such as the cost of goods, raw materials and stores.Expenditures incurred by maintaining assets in proper working order e.g., repairs to plant and machinery, building furniture and fittings etc.Expenditures incurred for meeting day to day expenses of carrying on a business e.g., salaries, rent, rates, taxes, stationery, postage etc.All revenue expenditures have to be deducted from the income earned by the firm. That is to say, all revenue items will be taken to the profit and loss account.
How modified accrual basis of accounting differs from accrual accounting?
The main difference between cash, accrual, and modified accrual accounting is the timing of the recognition of revenue and expenditures. A cash basis of accounting revenue doesn't necessarily mean customers have to pay cash and you have to pay cash for goods and services. It means that revenue isn't recognized (i.e. reported) on your income statement until payment is received from the customer and expenditures aren't recorded on your income statement until you pay for goods or services. With accrual accounting, revenue is recognized when earned and measurable (usually evidenced by delivery of goods or services to a customer and issuance of an invoice for same). Expenditures are recognized when the liability is incurred (usually measured by receipt of goods or services rendered). There are exceptions to the "recognition of expenditures when liability is incurred" (1) operating leases are off-balance sheet financing and only lease payments are recorded as they become due (2) interest on long-term debt is only recognized at each due date (3) inventory and supplies - the value is carried as an asset on your balance sheet but expenditures are not recognized until the inventory is sold or the supplies are used. (4) encumbrances are future liabilities but are not expensed until incurred. Modified accrual accounting is a hybrid of cash and accrual methods. Revenue is recognized when earned, measurable, AND available. Expenditures are still recognized when the liability is incurred.
What could be journal entries for unearned revenue?
Initial receipt of unearned revenue from a customer for service to be provided in the future. Recognition of the unearned revenue as the service is performed and earned. Adjustment entry to reflect the portion of unearned revenue that has now been earned.
What account do earned revenue go in on a balance sheet?
Earned revenue is part of income statement and it is not shown under balance sheet.
What is the equation once unearned revenue has been earned?
[Debit] Unearned revenue [Credit] Sales revenue
Account title for revenue earned when goods are delivered to costumers?
The account title for revenue earned when goods are delivered to customers is typically called "Sales Revenue" or "Revenue." This account reflects the income generated from the sale of goods or services. When goods are delivered, the revenue is recognized under the accrual accounting principle, aligning with the recognition of the earned income.
What happens to unearned revenue after work done?
Unearned revenue converted to earned revenue after it is done and delivered to customer.
What is revenue productivity?
Its , Revenue earned by the person/total time for the work to be done by the person
The accounting principle that requires revenue to be reported when earned is the?
revenue recognition
What is the difference between operating revenue and non operating revenue?
Operating revenue is that revenue which is earned by basic operating activity of business while non operating profit is earned from other activities like purchases of marketable securities etc.
