When do business entities pay PTF payment to receiv

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

A: Explanation is given below,

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: State and briefly explain any three distinguishing features between (i) a receipts and payments…

A: SOLUTION- THE FOLLOWING ARE THE DIFFERENCES BETWEEN RECEIPT & PAYMENT ACCOUNT AND INCOME &…

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: 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: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: In bill of exchange the payment is received by

A: Option (d) is the correct answer

Q: When are contingent fees allowed?

A:

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: - Which of the following receivables is allocated for? A) Receivables from partners B) Receivables…

A: The correct option is  A) Receivables from partners

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: Where does Unearned Subscriptions Revenue lie to at a classified Balance Sheet?

A: Unearned Subscription Revenue is a business income which has been received from the client but not…

Q: s the income and expense account credited in the entry to record the distribution profits?

A: Solution: When profit is distributed to owner, income and expense account is debited as profit is…

Q: Which would be translated the same under both the current rate and temporal methods? Equipment…

A: Temporal method:- It is considered as the one of the main method of translating a local currency to…

Q: Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill…

A: Buyer and Seller - Buyer is a person or an organization which buys goods from the company on credit…

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: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. The…

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: Which of the following revenue whose recognition is put off into the future even though payment has…

A: Revenue is the total proceeds from sale of goods or services in the business. This is an important…

Q: T

A: Branch Reciprocal Accounts: When the transactions of business are recorded by both head office and…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: When is revenue recognized with respect to licenses?

A: In case of Licences, revenue is recognised in two ways depending on the type of transaction. If the…

Q: What is Revenue Recognition Companies should recognize revenue in the accounting period in which a…

A: Revenue: The entire amount of money received from the sales related to the main operation of the…

Q: Most agreements involving factoring of accounts receivable are made on a. O a. notification O b.…

A: Factoring, often referred to as accounts receivable financing, is a financial transaction in which a…

Q: Is sales listed as liability equity revenue expense or an account

A: Sales generate revenue for the business. It is main purpose of the business to make more and more…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: The amount of consideration to which the entity expects to be entitled in exchange for transferring…

A: As per IAS 115 Revenue recognition A performance obligation is an promise to customer to transfer…

Q: Under the revenue recognition principle, when is revenue recorded?

A: Revenue recognition principle:Revenue recognition principle is used as to recognize the revenues…

Q: describe general principles of revenue recognition and accrual accounting, specifi c revenue…

A: According to IFRS, a company should recognize revenue from the sale of goods whenever the following…

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…