Revenue Recognition Principle: Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts. To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

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Answer 1

Question

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

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Answer 2

Question

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

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Answer 3

Question

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

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Answer 4

Question

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

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Answer 5

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

Answer 6

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

Answer 7

Chapter 1, Problem 2MCQ

To determine

Revenue Recognition Principle:

Revenue recognition principle means that one should record the revenue only after it is earned, merely contract does not mean that revenue is earned. For example, a trading company can record the revenue only after completing the sales process and in this process the last stage should be successfully completed that is delivery of goods to the purchaser then only the revenue will generate in books of accounts.

To identify: The relevant accounting principle on basis of which the revenue for 2015 will be recorded.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 1 - Prob. 1MCQ Ch. 1 - Prob. 2MCQ Ch. 1 - Prob. 3MCQ Ch. 1 - Brunswick borrows $ 50,000 cash from Third...Ch. 1 - Geek Squad performs services for a customer and...Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasing used to process...Ch. 1 - Prob. 3DQ Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ

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