Describe the accounting when there is a right of return.

Q: What is accrual accounting and how does it work?

A: Accrual accounting is a system of accounting wherein: Revenues are recognized as and when they are…

Q: . In what two ways is accrual accounting accomplished?

A: The accrual basis accounting records the revenue and expenses when they are incurred.

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: What is the matching principle of accounting?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Compute accounting rate of return and explain its use.

A: Accounting rate of return in simple terms is an average rate of return of return from an investment.…

Q: Define Accrual accounting.

A:

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: Accrual accounting is the main takeaway here due to the what principle

A: Accrual accounting is an accounting method where revenue or expenses are recorded when a transaction…

Q: If the unearned interest is credited in the adjusting entry, which of the following will be…

A: An Unearned interest refers to an interest income collected by a lending institution before they…

Q: Where does the accrual accounting focuses?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: In accounting, what is the distinction between a nominal account and a real account?

A: Solution Concept Nominal account Expenses and losses Debit Income and gains Credit…

Q: What is accrual vs cash basis accounting. Explain with examples?

A: Under accrual basis of accounting, transactions are recorded & recognized as and when they…

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: ________ is the interest earned on previously earned interest added to the principal.

A: Interest is the earned income on a given principal according to the given interest rate.

Q: What is accural vs cash basis accounting. Explain with examples?

A: Cash Accounting: A form of accounting in which receipts are reported during the period in which they…

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: Deferred expenses should be reported as O Expenses on the income statement O Income on the income…

A: Deferred expenses : It refers to the cost incurred but this is recorded as expenses on a future…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Briefly explain the "accrual basis assumption" and why financial statements are prepared under this…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: What is the accrual basis accounting?

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: The accounting concept that supports reporting revenues in the period in which they are earned is…

A: Explanation: 1. Revenue recognition concept: As per the revenue recognition concept, revenues are…

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: Describe the accrual accounting rate-of-return method. What are its main strengths and weaknesses?

A:

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: BRIEFLY ASSESS HOW TAXATION CAN BE USED TO CONTROL: a. BALANCE OF PAYMENT, b. SAVING, c.…

A: Taxation is the government's tool for shaping the economy into the desired shape. Governments…

Q: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: Define accrual basis accounting and contrast it with cashbasis accounting.

A: Definition of Accrual basis of Accounting  Accrual accounting means revenue and expenses are…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…