Reporting Interpretations Committee (IFRIC). 2. Operating Revenue refers to the incomes that derived from everyday operations. As
Premium Generally Accepted Accounting Principles Generally Accepted Accounting Principles Balance sheet
Module 2 Homework Total Points: 40 Chapter 3 1) Unearned revenues are reported as liabilities on the balance sheet. True or False Answer: Unearned revenues are payments provided to a company before the goods or services are provided. Unearned revenues are liabilities reported on the balance sheet. 2) Colby Corporation has provided the following information: Operating revenues were $199‚700. Operating expenses were $111‚000. Interest expense was $9‚200. Gain from sale of plant and equipment
Premium Revenue Income statement Balance sheet
the multiple deliverables be accounted for as one unit of accounting or as two or more separate units of accounting? Guidelines that assist with evaluating sales transactions that involve multiple deliverables can be found in subtopic 605-25‚ ‘‘Revenue Recognition—Multiple-Element Arrangements‚’’ in the Codification. Requirement 2: What are the separate units of accounting in the sales agreement between AOI and CMI? Use the authoritative literature to explain your answer. As the explanation
Premium Revenue Price Consultative selling
100 | Notes Payable | | 5000 | | | | 5000 | Account Payable | | 2500 | | 120 | | 2620 | Salaries Payable | | | | 1400 | | 1400 | Unearned Revenue | | 1200 | 1200 | | 1200 | 1200 | C. R. Hill‚ Capital | | 10000 | | | | 10000 | C. R. Hill‚ Drawings | 500 | | | | 500 | | Service Revenue | | 10000 | | 1850 | | 11850 | Salaries Expense | 4000 | | 1400 | | 5400 | | Rent Expense | 900 | | | | 900 | | Insurance Expense |
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
Earned Revenue *Earned revenue* is *revenue* created by the business operations of the facility. Sources that contribute to museums’ earned revenue include admissions‚ gift shops‚ food and beverage sales‚ memberships‚ facility rentals‚ and fees for research services. Essentially‚ any product or service that is offered by the museum and generates income is considered earned income. *Unearned revenue* is money that is not generated by the business operations of the facility‚ but is provided
Premium Revenue
Term __D___ 1. Prepaid Rent A. Accrued Revenue __B___ 2. Salaries Payable B. Accrued Expense __C___ 3. Unearned Revenue C. Deferred Revenue __A___ 4. Interest Receivable D. Deferred Expense Fill in the blank:
Premium Generally Accepted Accounting Principles Balance sheet Revenue
Module 2 Homework + Answers Total Points: 40 Chapter 3 1) Unearned revenues are reported as liabilities on the balance sheet. True or False Answer: Unearned revenues are payments provided to a company before the goods or services are provided. Unearned revenues are liabilities reported on the balance sheet. 2) Colby Corporation has provided the following information: Operating revenues were $199‚700. Operating expenses were $111‚000. Interest expense was $9‚200. Gain from sale of
Premium Revenue Income statement Balance sheet
Account: Where transactions are recorded - A separate account is used for each asset‚ liability‚ revenue‚ expense‚ gain‚ loss and capital (owner’s equity) Permanent accounts (or “real” accounts) Asset‚ liability‚ and equity accounts Appear on the balance sheet Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) Revenue‚ expense‚ and dividend accounts Revenue and expenses are on the income statement; dividends are on the statement of changes in shareholders
Premium Revenue Double-entry bookkeeping system Balance sheet
E1A‚ E3A‚ E4A‚ E5A‚ E9A‚ P2 SE1. Accrual Accounting Concepts 1. Assumes expenses should be assigned to the accounting period in which they are used to produce revenues Answer: (C) Accrual Accounting 2. Assumes a business will last indefinitely Answer: (B) Continuity 3. Assumes revenues are earned at a point in time Answer: (D) Revenue Recognition 4. Assumes net income that is measured for a short period of time‚ such as one quarter Answer: (A) Periodicity E1A. Applications of Accounting
Premium Generally Accepted Accounting Principles Revenue Income statement
Week 1: Homework ACCT550 Chapter 1 CA1-3 (Financial Reporting and Accounting Standards) 1. GAAP stands for: (a) governmental auditing and accounting practices. (b) generally accepted attest principles. (c) government audit and attest policies. (d) generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: (a) Research‚ exposure draft‚ discussion paper‚ standard. (b) Discussion paper‚ research‚ exposure draft
Premium Generally Accepted Accounting Principles Balance sheet 1980