Requirement Which of journal entries would LEA Networks record at the time of the sale? Round the final number to the nearest integer.

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: An example of an expense classifi cation by function is: B . interest expense

A: An example of an expense classification by function is

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: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: Please explain the meaning of differential income.

A: Concept of differential is generally used when there are two or more alternatives to choose upon.…

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: When are contingent fees allowed?

A:

Q: What is the purpose of income crediting?

A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: Assets created by payments that expire as they are used are called?

A: The assets are resources that are owned by the individual or organization. The assets are in…

Q: What exactly is the meaning of the word debit?

A: All transactions of an entity are presented in form of journal entries. Journal entry consists of…

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: What is a deferred revenue? Provide an example.

A: Deferred revenue: Deferred revenues are revenues related to more than one period.  A deferred…

Q: Explain the term utilities expense and give an example.

A: Utilities Expenses are expenses incurred on public service utilities like electricity, sewage,…

Q: Explain the revenue recognition principle.

A: Accounting principle:

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

Q: What is a payable bill?

A: There are three account types in accounting, that are real account, nominal amount and personal…

Q: deferred revenues

A: Income statement represents the net income that is calculated by deducting the expenses from the…

Q: Define Deferred Payments.

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

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: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: 6. Explain: "agency debt"

A: Agency debt refers to bonds that are issued by government-sponsored entities (GSEs) such as Fannie…

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 asset? what is gross profit?

A: Financial statements: These are the financial reports prepared by an organization for a financial…

Q: What is the amount realized in a transaction

A: This question explains about the amount realized in a transaction :

Q: what is an example of value added taxes

A: Value-added tax (VAT) refers to the consumption tax which is imposed on a commodity once the value…