Define Core Revenue Recognition Principle.

Q: Define in detail the basic activities performed in the revenue cycle along with its key decisions…

A: Revenue cycle Revenue cycle is a technique of shaping and maintaining the techniques used for…

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: what are the Processes and/or technologies which are or could be incorporated in the expenditure and…

A: Both Revenue and Expenditure cycles are the key components in controlling the cash flows of an…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: State the core revenue recognition principle and the five key steps in applying it.

A: The core principle of the revenue recognition standard is that an entity should recognize revenueto…

Q: Distinguish between the stand-alone and the incremental revenue-allocation methods.

A:

Q: Choice Are revenue expenditures.

A: Extraordinary repairs are repairs that are of high cost and increase the useful life of the asset…

Q: Define Unearned revenue

A: Definition: Deferred revenues: Deferred revenue is a liability to render service or to deliver…

Q: Explain an example of seller is a principal or an agent can have a significant effect on its…

A: Principal: Principal is the legal owner of goods or service which is transferred to the customer…

Q: Determine the timing of revenue recognition with respect to licenses, franchises, and other common…

A: Revenue is recognised at the point of time when delivery of goods are made.

Q: Revenue Realization and Matching principles

A: Option 1 is wrong because the statement is true. Revenue should be recognized when the process of…

Q: Define Sales revenue.

A:

Q: Explain and apply the five-step revenue recognition process.

A: Revenue:   It refers to the earnings of the organization during the period as a result of business…

Q: Define the term revenue recognition.

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: Define in detail the basic activities performed in the revenue cycle along with its key decisions…

A: Revenue cycle refers to the method which compiles the sets of business activities used for defining…

Q: How is unearned revenue classified on the balance sheet?

A:

Q: revenue and the expenditure cycle can be viewed as having two key parts

A: Revenue cycle involves sale of goods and expenditure cycle involves purchase of goods.

Q: Why is the revenue recognition principle needed? What does it demand?

A: Revenue recognition forms a part of generally accepted accounting principles (GAAP) that determines…

Q: Describe the steps of Special Issues in Revenue Recognition.

A: Revenue recognition refers to principle of accounting which specifies revenue conditions.

Q: Explain of two key levers- revenue and expenditure.

A: For any business to sustain and grow, there are five main levers that drives it. These levers…

Q: Discuss the importance of accounting for multiple performance obligations in a revenue arrangement…

A: Here discuss about the importance of the performance obligation which are identified in the contract…

Q: What is Physical Systems of Revenue Cycle?

A: Revenue cycle           Revenue cycle are divided into two              a. physical phase…

Q: Differentiate the Revenue Cycle and Expenditure cycle

A: The processes of the business are divided into different accounting cycles. The revenue cycle,…

Q: Make an acronym or a mnemonic on the new revenue recognition standards and make a comparison with…

A: Revenue recognition is a generally accepted accounting principles, that identifies…

Q: How is independent verification carried out in a manual revenue system, and give an example?

A: Verification is a process under which the confirmation is made by the auditor related to the actual…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…

Q: Identify significant accounts and relevantassertions related to the revenue andcollection cycle.

A: Revenue and collection cycle: Under this procedure, the collection period from the customer is to be…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

Q: Understand and apply the five-step revenue recognition process.

A: Revenue:   Revenue refers to the earnings of the organization during the period as a result of…

Q: What is Revenue Recognition?

A: The income statement is the one of the financial statements of the business.

Q: Define Interest revenue.

A: Revenue: Revenue is earnings from the operations of a business. The operating activities are the…

Q: What are the revenue cycles ( in proper order)

A: Introduction:- Revenue cycles normally starts from receiving order from consumers or entering in…

Q: When must multiple performance obligations in a revenuearrangement be accounted for separately?

A: Performance Obligation:  Performance obligation means a promise to transfer goods or services. A…

Q: Define revenues

A:

Q: Which one of the following is a revenue expenditure?

A: Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets…

Q: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Q: Explain the mind the relation between the recognition of deferred revenue associated with advance…

A: Deferrals: Deferrals refer to “Transactions, events, or arrangements” where in the cash flows are…

Q: What are the two most often used ways of accounting for revenue from by-products?

A: When the manufacturing entity is engaged in manufacturing the main product which is the main source…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…

Q: What is the basic sequence of activities and accounting in a revenue and collection cycle?

A: Revenue Collection Cycle:   A collection cycle is a process that begins when a customer approaches…