what are the Processes and/or technologies which are or could be incorporated in the expenditure and revenue cycles?

Q: Which of the following is the impact of agency cost?

A: Agency costs are internal costs incurred due to the competing interests of Shareholder i.e the…

Q: Explain the Service Projects versus Revenue Projects?

A: The project is the collaborative effort initiated to achieve a certain objective within a certain…

Q: What is a performance obligation, and how is it used todetermine when revenue should be recognized?

A: The performance obligation is the promise made by the business entity to provide the goods or…

Q: Which of the following is an input method for recognizing revenue over time?

A: Cost to Cost Method While recognizing the revenue in the contract work there are different method…

Q: All changes in an entity's exonomic resources and claims to those resources result frim the entity's…

A: Changes in economic resources and claims: Changes in a reporting entity's economic resources and…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

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

Q: Explain the importance of a contract in the revenue recognitionprocess.

A:

Q: in general, what is the required accounting treatment for research and development costs?

A: The research and development costs are the cost incurred to research for some new ideas and cost…

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

A:

Q: Understand the concept of relevant revenues and costs. What makes a revenue or cost relevant?…

A: solution concept relevant revenue                 relevant revenue means the revenue which has the…

Q: Choice Are revenue expenditures.

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

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: Which of the following costs is relevant in decisionmaking? committed costs accounting costs cash…

A: Following is the answer to the given question

Q: Describe the steps to apply Core Revenue Recognition Principle.

A: Revenue recognition principle: Revenue recognition principle refers to the revenue that should be…

Q: Describe the revenue and collection cycle,including typical source documents.

A: Introduction: Income statement: Income statement is the financial statement of the company that is…

Q: Discuss the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: Define the term revenue expenditure.

A: Fixed Assets:   It refers to the long-term assets having a useful life of more than a year which…

Q: What is the revenue project?

A: Revenue refers to the income generated by the company by performing certain operations or business…

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: Discuss, using practical example how revenue expenditure should not be capitalized?

A: SOLUTION- Thus, a revenue expenditure which increases the utility or productive capacity of an…

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: Distinguish between Service Projects and Revenue Projects?

A: Service Projects: Service projects are those projects which are carried out for the welfare of…

Q: When should DJD recognize revenue

A: The revenues in these type of contracts are based on two types of contracts. 1. Revenues under…

Q: How are research and development expenses treated?

A: Research and development(R&D) expenses: These  are the expenses which an entity incurs in…

Q: Explain Deferred Revenue? How it is different from Deferred Expenditures? Give an example?

A: Explain the meaning of deferred revenue and provide example:Deferred revenues:Collection of cash in…

Q: Define Core Revenue Recognition Principle.

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

Q: Staff training on new system  is a capital or revenue expenditure. Why???

A: The expenditure can be categorized as revenue expenditure or capital expenditure.

Q: What function does the receiving department serve in the revenue cycle?

A:

Q: What is Physical Systems of Revenue Cycle?

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

Q: Identify and distinguish between the physical and financial components of the expenditure cycle.

A: The whole expenditure cycle divided into monetary and non-monetary transaction .the financial…

Q: Name the major subsystems of the expenditure cycle.

A: A transaction process system helps a business to process all the transactions are the required…

Q: give practical examples.

A: Appropriation account: Appropriation account is a account prepared for the partnership firm and…

Q: What type of basis is it called when we report only the amounts actually collected and/or spent?

A: There are two methods of accounting. One is cash basis and other is accrual basis.

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: What is Revenue Recognition?

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

Q: Why is there a need to segregate key functions in the expenditure cycle?

A: Expenditure cycle is the time and activities involved in procurement of goods and services and…

Q: Define Revenue

A: The revenue is reported on the income statement of the company, and it is used to derive the net…

Q: Explain why firms must correctly classify expenditures inccured as either capital expenditures or…

A: Capital Expenditure is the cost incurred by a corporation on acquiring non-current assets for a…

Q: Explain the function of the receiving department in the revenue cycle.

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: Under IFRS a. research and development expenditures are expensed in the period incurred. b. research…

A: