Choose the right Subject:Financial Accounting-Howdosatisfaction-guaranteed refund policies affectrevenue recognition? a) Defer all revenue untilright expires b) Recognize only non-refundableportion c) Estimate returns based on experienced) Wait for actual returns

Explanation of Satisfaction-Guaranteed Refund Policies: These are customer-friendly policies that…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1MC: Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process...

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Subject: Financial Accounting-How do satisfaction-guaranteed refund policies affect revenue recognition? a) Defer all revenue until right expires b) Recognize only non-refundable portion c) Estimate returns based on experience d) Wait for actual returns
How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all
FINANCIAL/GENERAL ACCOUNTING
Which accounting principle requires that revenue be recognized when it is earned, regardless of when payment is received? A. Matching Principle B. Revenue Recognition Principle C. Historical Cost Principle D. Full Disclosure Principle
Which of the following statements is correct? Options: • The net income would still be the same regardless of accounting method that is used whether cash basis or accrual basis • Pre-collections initially recorded as income will overstate the profit at the end of the accounting period if no adjustment is done for unearned portion • Deferral is intended to recognize income earned but not yet received • Accrual of expenses will increase the expense element and will correspondingly decrease the liability
Which of the following situations does not base an accounting measure on a present value? Prepaid insurance , leases, pensions or sinking funds
Which of the following statements about accruals is true? Select one: A. All accrual accounting adjustments are value irrelevant B. Accrual income is less relevant than cash flow C. Accruals cannot be manipulated D. Accruals are less reliable than cash flows
Question: Which accounting principle states that revenue should be recognized when it is earned and expenses when they are incurred? a. Matching principle b. Revenue recognition principle c. Conservatism principle d. Time period principle
Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.
Use the list of concepts given to match the description of the concept to the concept.
May you please help me determine the effect on the accounting equation?
The accounting concept that supports reporting revenues in the period in which they are earned is called the: revenue recognition concept. B) accounting period concept. timing concept. D) adjusting concept.

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Subject: Financial Accounting-How do satisfaction-guaranteed refund policies affect revenue recognition? a) Defer all revenue until right expires b) Recognize only non-refundable portion c) Estimate returns based on experience d) Wait for actual returns