Revenue is generally recognized as being earned at the point of time

Related MCQs

• Revenue is generally recognised as being earned at that point of time when
• A revenue that is collected before it has been earned is called
• In accounting revenue is generally treated to be realized when goods or services are:
• The principle of recognizing revenue proportionately on the basis of work actually done is generally followed in case of:
• The commission earned by insurance companies from others for giving them business under reinsurance is called …………………
• For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows: March 31,2010 - ` 56,000 March 31, 2011 - ` 51,000 March 31, 2012 - ` 64,000 The entry on March 31, 2012 to rectify these omissions would include a
• Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned
• Income earned but not received to known as _______________ income
• Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be
• The income earned but not yet received: