What is the difference between a revenue and a gain? O a. Revenue results from internal transactions, whereas gains result from external transactions. O b. Revenues result from transactions related to central operations, whereas gains result from transactions related to peripheral operations. Oc. Revenue results from transactions related to peripheral operations, whereas gains result from transactions related to central operations. Od. Revenue results from external transactions, whereas gains result from internal transactions.

Q: if a firms expense equal or exceed it's revenue what actio might management take

A: Explanation is given below,

Q: Why Sales revenue does not include the residual value?

A: The residual value, also known as salvage value, is the estimated value of a fixed asset at the end…

Q: Under the general rule of revenue recognition, revenue is recognized when Group of answer choices…

A: The revenue recognition principle says that we need to recognize the revenue at the time when goods…

Q: Which of the following best describes the current revenue recognition principle? Recognize revenue…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: If the value of an item can be measured and reasonably determined, this item can be recognized in…

A: An item can be recognized in the financial statement if it satisfies certain specified condition.…

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the money earned by providing services or selling goods to customers. The Revenue…

Q: under the cost recovery method of revenue recognition, a. Income is recognized immediately b. Income…

A: Cost recovery method of recognition of revenue is used when there exists substantial doubt regarding…

Q: Define goodwill for accounting purposes

A: When one firm is acquired by another, an intangible asset known as goodwill is transferred together…

Q: Revenue Recognization Question. What is the significant difference between the Contract-Based…

A: Revenue recognition is the accounting principle that outlines the conditions under which revenue…

Q: Explain how a not for profit determines whether a resource provider is participating in an exchange…

A: The objective of this question is to understand how a not-for-profit organization determines whether…

Q: How is a revenue-recognition abuse related to the percentage of completion method?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Passive activity income and losses are netted against one another on what form or s

A: Passive Activity Income: 1) Passive income is earnings from a rental property, limited partnership,…

Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…

A: Companies use tangible long term resources to perform daily operations and create revenue for its…

Q: Why Revenue is recognized when performance obligations are satisfied, not necessarily when cash is…

A: Revenue recognition principle: Revenue recognition principle states that every business organization…

Q: Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

A: Performance obligations are promises to transfer goods or services to a customer. In a transaction…

Q: Which of the following statements about accounting income and economic income is (are) correct? I.…

A: Accounting profits includes explicit costs only, whereas economic profits includes both explicit and…