The principle of recognizing revenue proportionately on the basis of work actually done is generally followed in case of:

Related MCQs

• The minimum rent can ……………………….be proportionately, if there is a stoppage due to strike. Sol:
• Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?
• Mr. Rohit, owner of Rohit Furniture Ltd., owns a personal residence that cost ` 6,00,000, but has a market value of ` 9,00,000. During preparation of the financial statement for the business, the entire value of property was ignored and was not shown in the financial statements. The principle that was followed was
• ——— Principle specifies that cost or expenses should be recorded at the same time as the revenue to which they correspond
• Single entry system of book – keeping is generally followed by:
• Revenue is generally recognized as being earned at the point of time
• Revenue is generally recognised as being earned at that point of time when
• In accounting revenue is generally treated to be realized when goods or services are:
• AB Ltd. has signed at 31st December, 2017 the Balance Sheet date, a contract where the Total Revenue is estimated at ` 15 Crores and Total Cost is estimated at ` 20 Crores. No work began on the contract. Is the Contractor required to give any accounting effect for the year ended 31st December, 2017?
• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting