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Q: What is the impact on the accounting equation when a current month’s utilityexpense is paid
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: What is the annual report, and what two types of information doesit present?
A: Annual report is the report of a company’s performance to its stake holders.
Q: In which section of the statement of financial position should employment taxes due for settlement…
A: Current Liabilities are the obligations of an entity that are required to be settled within 12…
Q: What type of business would choose a fiscal year (that corresponds to its natural business year)…
A: • Fiscal year: A fiscal year is a period of 12 months used by the organizations for financial…
Q: January Ist, X ST expense that XYZ
A: The payment of the insurance which covers some months of the next year also or the payment of rent…
Q: Fill in the blanks: An increase in accrued income during the particular year is ________________the…
A: Income: It is a form of earnings for the company resulting from business activities.
Q: When is the does company fiscal year end?
A: Fiscal year- It is the 12 month period which company uses for the purpose of accounting i.e.,…
Q: The correction of a material error discovered in a year subsequent to the year the error was made is…
A: Accounting error:
Q: What is the annual report, and what two types of information does it provide?
A: Annual report is a statement published by companies to report the operations and financial position…
Q: What is the importance of annual reports?
A: Introduction: An annual report is a document that public corporations are required to present to…
Q: nual reports and why ar
A: To explain the items of annual report as,
Q: Explain the relationships between adjustments and thefollowing Chapter 3 concepts: ( a ) the time…
A: Given, The relationships between adjustments is described as below, (a) the time period assumption,…
Q: Fill in the blank: Expenses paid in advance at the end of the year are ________________ theprofit…
A: Definition: Deferred expenses: Advance payment for future expenses is called as prepaid expenses.…
Q: What is the value of the balance carried forward into November?
A: VAT Control Account is prepared to records the entries related to VAT. Under this account, all the…
Q: Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or…
A: Fiscal year is a 12 months period, which normally starts from Apr 1 to Mar 31 of next year. Calendar…
Q: What is the net income for the current year?
A: Net income refers to net result or net earnings or net profit of an enterprise which is calculated…
Q: What is an annual report?
A: The accounting is a process to record the transactions of the business, and prepare the financial…
Q: What does the annual report includes?
A: Financial Statement: It refers to the end reports of an organization prepared to report the…
Q: Which of the following revenue whose recognition is put off into the future even though payment has…
A: Revenue is the total proceeds from sale of goods or services in the business. This is an important…
Q: What is the imapct on the accoutning equation when a current month's utility expense is paid?
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…
Q: In accordance with IFRS 15, how much is the total revenue for the year ?
A: IFRS 15 , International Financial Reporting Standard promulgated by…
Q: Current Attempt in Progress Adjusting entries are required when revenues are recorded in the period…
A: The accounting is a process to identify the business transactions, record the transactions and…
Q: What impact may the low accuracy of accounting estimates have on the annual statements?
A: Accounting estimates means estimation of the accounting transactions based on different factors like…
Q: What's annual report
A: An annual report is a comprehensive report on a company's activities throughout the…
Q: how much is the net remeasurement gain/loss at the end of the year?
A: Net re-measurement is the measurement which has been calculated by the company when all the losses…
Q: Measurements in the interim period are made on a ___ basis. year-to-date annual quarterly…
A: An enterprise that reports more frequently than half-yearly, measures income and expenses.…
Q: Prepare adjusting entries for deferral of revenues.
A: All expenses and incomes connected to the specific financial year, whether incurred or not, and…
Q: How to identify net revenue for the current FY?
A: For identifying the revenue earned during the current year the accrual principle of accounting needs…
Q: which of the following would least likely require an adjusting entry at the end of the year? -…
A: Adjusting Entry: Meaning: These are the entries that are used to adjust the inaccurate display of…
Q: What is the amount paid for VAT in Feb? (VAT payable)
A: VAT or Value Added Tax refers to the tax levied on the value addition in goods or service. When…
Q: How does receiving a utility bill to be paid next month affect the accounting equation?
A: Accounting equation: Assets = Liabilities + Stockholders' equity
Q: Define the term fiscal year.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: What does the annual report contain?
A: Financial Statement: They are annual reports of an organization summarising the financial…
Q: How will affect in Accounting equation the paid salaries for the month.
A: Accounting equation will consists of three important elements. These are assets, liabilities and…
Q: b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate…
A: Unearned revenue is amount received in advance for which a service or product is yet to be…
Q: open encumbrances at year-end reported in the financial statements
A: Open encumbrances are amounts to be set aside for certain purposes and they are not closed until the…
Q: if mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900)…
A: Adjusting entries are prepared by the management at the end of the accounting period. These are…
Q: How much is the gross profit for the year?
A: Weighted average method is a method for inventory valuation in which weighted average cost per unit…
Q: How much is the investment balance on December 31?
A: On January 1, Parent company acquired subsidiary = 90% Purchase consideration = 5400 shares @ P10…
Q: The general approach for handling advertising costs which benefit future quarters in interim reports…
A: Interim financial statements are prepared by the company for periods which is less than a year. So,…
Q: The revenue recognition principle requires Time to be divided into annual periods to measure…
A:
Q: Which of the following statements about the Initial recording of a llability is true? Multiple…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: do the additional revenue numbers differ during prior months and seasons in a STAR report?
A: STAR Reporting (Smith Travel Accommodation Report) STAR Reporting system which was used in the…
- How do the additional revenue numbers differ during prior months and seasons?
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- How do the additional revenue numbers differ during prior months and seasons in a STAR report?What happens to revenue and deferred revenue as months progressCalculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March Explain what happens to revenue and deferred revenue as the months' progress. Explain when revenue can be recognized and why.
- How should material seasonal variations in revenue be reflected in interim financial statements?a. The seasonal nature should be disclosed, and the interim report should be supplemented with a report on the 12-month period ended at the interim date for both the current and preceding years.b. The seasonal nature should be disclosed, but no attempt should be made to reflect the effect of past seasonality on financial statements.c. The seasonal nature should be reflected by providing pro forma financial statements for the current interim period.d. No attempt should be made to reflect seasonality in interim financial statements.Choose the correct. How should material seasonal variations in revenue be reflected in interim financial statements?a. The seasonal nature should be disclosed, and the interim report should be supplemented with a report on the 12-month period ended at the interim date for both the current and preceding years.b. The seasonal nature should be disclosed, but no attempt should be made to reflect the effect of past seasonality on financial statements.c. The seasonal nature should be reflected by providing pro forma financial statements for the current interim period.d. No attempt should be made to reflect seasonality in interim financial statements.Calculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March.
- How does my TRevPAR (Total Revenue Per Available Room) compare to my comp set? How do the additional revenue numbers differ during prior months and seasons? What do the index and ranking numbers show me about my F&B and other revenue numbers compared to my room revenue numbers?Under what conditions does a company recognize revenueover a period of time?When is the does company fiscal year end?
- What is the impact on the accounting equation when a current month’s utilityexpense is paidWhich of the following best describes the proper accounting for interim financial reports? a. The interim period is viewed as an integral part of the annual accounting period. b. The interim period is viewed as a distinct, independent accounting period. c. Interim net income should be determined by using the same principles as those for the annual accounting period. d. Net income should be computed on the cash basis except for sales, cost of goods sold, and depreciation.The revenue recognition principle states that: (a) revenue should be recognized in the accounting period in which a performance obligation is satisfied. (b) expenses should be matched with revenues. (c) the economic life of a business can be divided into artificial time periods. (d) the fiscal year should correspond with the calendar year.