Revenue recognition: Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not. The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

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Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

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Answer 2

Question

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

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Answer 3

Question

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

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Answer 4

Question

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

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Answer 5

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

Answer 6

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

Answer 7

Chapter 5, Problem 79APSA

To determine

Revenue recognition:

Revenue recognition is referred to the time of recognition of revenue by the business firms in the books for stating the respective revenue in the statement of profit and loss in the respective year and time ignoring whether the income is realized in cash or not.

The reason of using accrual accounting over cash accounting under generally accepted accounting principles.

Answer 8

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Answer 11

Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Why is the direct write-off method not GAAP?

Solution Summary: The author explains the reason for using accrual accounting over cash accounting is for the better view of the financial statements.

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