rue or false The financial manager prepares financial statements that recognize revenue at the point of sale and expenses when incurred.
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- which manner the manager behave when choosing a particular accounting method to increase the reported income a. efficient manner b. opportunistic manner c. non d. both efficient and opportunist mannerRevenue is generally recognised at the point of sale. Which principal is applied a. Consistency b. Matching c. Revenue recognition / Realisation d. Cost principleFinancial accounting deals with the following except Select one: a. Prepares the budgets and estimates cost volume profit relationships b. preparation of financial statements C. Analysis of transactions, journalizing, ledger posting d. retained earnings statements, cash flow statements
- According to Generally Accepted Accounting Principles (GAAP), revenue is recognized as income when: a contract is signed to perform a service or deliver a good. managers decide to recognize it. payment is requested. income taxes are paid on the revenue earned. the transaction is complete and the goods or services are delivered.financial accounting focuses on providing information to internal users , is it true or false ?When do accountants consider revenue to be realized?What basic question about recording revenue in accountingrecords is answered by the realization principle?
- Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive incomeExplain the principles of revenue recognition in accounting, including the criteria for recognizing revenue and the challenges associated with revenue measurement and timing.The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. Group of answer choices True False
- The accounting process generates financial reports forboth internal and external users. Describe some of the specific groups of internal and external usersThe normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit BalanceThe principle of revenue recognition results in: a. recording revenue in the income statement b. recording realized revenue when it is earned c. measuring relevant and reliable information whenever a transaction has occured. d. assuring the existence of all amounts recorded as net income