When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate return on investment from return of investment. What is profit, how is it earned and what is its effect on business? Explain unlimited liability. Will all investors be affected by this? Define Accounting. What is its basic purpose? Is bookkeeping and accounting the same?

Q: When a merchandising business is compared to a service business, the financialstatement thatis…

A: Merchandising business: It is a set of activities we do to sell our product and services to the…

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: A business will have Net profit in which of the following cases? O a. Expenses are less than revenue…

A: Solution:- Introduction:-  Net profit is one of the best way to identify or estimate of business…

Q: he economic resources that a business owns and expects to be useful to deliver its purpose are known…

A: An asset is a resource with economic value that an individual, corporation, or enterprise owns with…

Q: A profit-seeking commercial company that deals with money and credit?

A: The question is based on concept of nature of primary business. Primary nature of business describes…

Q: Which of the following statements is TRUE? * O A business should credit Revenue when the business…

A: When a donation is received it is not shown as a revenue instead as receipts. A business should…

Q: What is profit, how is it earned? Explain its effect on businesses.

A: The income statement is prepared to find net income or losses incurred during the period. This is a…

Q: You are required to prepare a reflection paper that incorporates your answers to the following…

A: Here are discussing the factors of the Accountant which are important to the business as well.  The…

Q: What is the financial impact on a company when a customer returns a product for a refund?a. Sales…

A: Sales return: It can be defined as an event where customers return the goods previously purchased…

Q: In which account, how do businesses keep track of their profits arising from the sale of tangible…

A: In a business, a situation arises when the firm has to sell its assets due to various reason. On…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: Explain why the income statement can also be called a “profit-and-loss statement.” What exactly does…

A: Net income is generated after analyzing revenues and expenses of the organization.

Q: True or False & Why? : Comparability between businesses will be improved since ASC 606 establishes…

A: The Answer

Q: Reflection paper for Accounting You are required to prepare a reflection paper that incorporates…

A: Here are discussing the factors of the Accountant which are important to the business as well.  The…

Q: Which accounts are increased by using debits?   Dividends, Revenue, Liabilities   Cost of Goods…

A: Assets and expenses accounts normally have debit balance and are increased by debits and decreased…

Q: 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance…

A: The student was asked to provide an Answer for 2nd question hence answer is given to 2nd question…

Q: What type of asset does a merchandiser have that a service provider does not? Why is it important…

A: Merchandising companies will have an asset for inventory, whereas service companies do not. This is…

Q: one - Which of the following is the account group in which the expenses and losses of the business…

A: Extraordinary activities are the income or expense which is derived from a non business activity and…

Q: Which of the following statements is TRUE? * A business should credit Revenue when the business…

A: Accounting principles mean some generally accepted rules and guidelines arising out of assumptions…

Q: hich statement is false? *   Revenues and expenses result from regular activities of the business.…

A: Operating activities:Operating activities refers to basic activities performed by the business…

Q: Questions related to the Statement of Profit or Loss a. Revenue is the income generated from normal…

A: SOLUTION-A  EMIRATES IS AN INTERNATIONAL AIRLINE COMPANY . IT IS AN AIR TRAVEL SERVICE PROVIDER . IT…

Q: What is included in the financial section of a business plan?     a. the industry, business…

A: Financial section of the business represent the financial position of the firm now and what it will…

Q: Which statement is false? A. Revenues and expenses result from regular activities of the business.…

A: Revenue is the amount earned by an entity from its operating activities and expense is the money…

Q: The value of a business is determined by   a. what a buyer with the cash is prepared to pay.   b.…

A: Business of the owner can be valued by many methods. Generally need for valuation arises when there…

Q: t is the amount earned by the business on the process of selling goods or performing services. a.…

A: Revenue means the amount earned by selling the goods or services. Unearned revenue means the amount…

Q: Write TRUE if the statement is correct and if false, write the word or phrase that makes the…

A: Preparation of income statement helps the business entity in determining how much amount of gross…

Q: In which of the following cases will the business have Net profit ? O a. Expenses are equal to…

A: Net profit can be earned if there is revenue exceeding the expenses.

Q: or a retail business,which of the following is not part of its operating cycle? A.obtaining capital…

A: The operating cycle refers to the whole process cycle, which begins with the purchasing and ends…

Q: Time to settle a claim from a customer is an example of which performance measure?     Reporting…

A: Strategic management is the process of establishing goals, procedures, and objectives in order to…

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: Revenue is recognized for accounting purposes when a performance obligation is satisfied. In some…

A: The total amount of income generated by the sale of goods or services connected to the company's…

Q: Explain in what situations it would be appropriate to recognize revenue over time

A: Recognition of Revenue over time: In situations where the service or sales of goods is divided over…

Q: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: Match each concept with the definition that best describes it. Expense recognition principle…

A: Matching principle - the principle that companies recognized expense in the period in which they…

Q: Which of the following should show a profit in order for a financial institution to give a the…

A: When a financial institution has to provide a loan to the business, then it needs the financial…

Q: Do you agree with the following statement: "Accounting is essential to the success of a business?"?"…

A: Introduction Accounting is the process of documenting corporate financial transactions. It is the…

Q: Essay - cite sources: Besides earning a profit, what other objectives might a business have? How…

A: Profitable businesses sometimes go under because they don't remain competitive or advance with the…

Q: We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets…

A: Following is the answer to the question

Q: Select the best answer for each statement. Revenue is recorded when products and services are…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: what is sale revenue in retail industry? what is service revenue in service industry? what is…

A: Revenue represents the income generated by the entity either through business operations or through…

Q: FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the…

A: According to the FASB revenue is recognized on the accrual basis of accounting which shows that the…