What are the two most often used ways of accounting for revenue from by-products?

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: How does accrued but uncollected revenue affect the balance sheet?

A:

Q: Briefly explain the difference between gross profit, net profit and EBIT.

A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…

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: What is the two criteria be satisfied before revenue can be recognized?

A: Revenue recognition principle:    Under the revenue recognition principle, revenue and incurrence of…

Q: Explain a bill-and-hold sale. When is revenue recognizedin these situations?

A: When the buyer is not ready to take the delivery but accepts the title and the billing, then it is…

Q: Describe the revenue recognition principle.

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

Q: Which of the following transactions represents revenue to an entity?

A: Answer:   Option a.

Q: What are the unofficial earning measures of revenue?

A: Unofficial earning measures of revenue are often called as non-GAAP (Generally Accepted Accounting…

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: The elements that are directly related to the measurement of profit are assets, liabilities, and…

A: The profit is recognized by an entity at the instance where the assets are increasing, or the…

Q: Explain the current environment regarding revenue recognition.

A:

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: Explain an example of seller is a principal or an agent can have a significant effect on its…

A: Principal: Principal is the legal owner of goods or service which is transferred to the customer…

Q: Explain the revenue recognition principle.

A: Accounting principle:

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: What is the criteria to recognize revenue?

A: Introduction: Taxes, customs charges, earnings from state-owned firms, capital revenues, and foreign…

Q: How is unearned revenue classified on the balance sheet?

A:

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: What is the revenue recognition principle?

A:

Q: Which type of revenue activity is correctly matched with the revenue recognition method?

A: The question is related with the revenue activity is correctly matched with the revenue recognition…

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

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

Q: In what way do revenues and expenses differ from each other?

A: The difference between income and expenses is simple: income is the money your business takes in and…

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: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: Define Core Revenue Recognition Principle.

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

Q: What is Physical Systems of Revenue Cycle?

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

Q: What are accounting conversion and summaries of the accountinting conversion?

A: Accounting is the process of recording financial transactions that are material to the business. It…

Q: Is the matching of costs and revenue a basic accounting principle?

A: Accounting Principle: The set rules which defines the way account should be prepared is known…

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: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

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 the function of the receiving department in the revenue cycle.

A:

Q: Discuss the major principle that describes recording revenues.

A: We have many accounting principles that will guide accountants in recording and reporting financial…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…

Q: What is the basic sequence of activities and accounting in a revenue and collection cycle?

A: Revenue Collection Cycle:   A collection cycle is a process that begins when a customer approaches…