What are the revenue credits? Give an example?

Q: Explain the Service Projects versus Revenue Projects?

A: The project is the collaborative effort initiated to achieve a certain objective within a certain…

Q: Why is it necessary to make a distinction between Capital and Revenue Receipts and Capital and…

A: Capital receipts: These receipts are income that is earned from the investment and financing…

Q: What is responsibility accounting?

A:

Q: Which of the following is an input method for recognizing revenue over time?

A: Cost to Cost Method While recognizing the revenue in the contract work there are different method…

Q: Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the…

A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…

Q: What are the unofficial earning measures of revenue?

A: Unofficial earning measures of revenue are often called as non-GAAP (Generally Accepted Accounting…

Q: Understand the concept of relevant revenues and costs. What makes a revenue or cost relevant?…

A: solution concept relevant revenue                 relevant revenue means the revenue which has the…

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: Explain the term utilities expense and give an example.

A: Utilities Expenses are expenses incurred on public service utilities like electricity, sewage,…

Q: What are BreadTalk Group’s main revenue generators?

A: BreadTalk Group is a snack and beverage company based in Singapore. It was founded in the year 2000.…

Q: How to prepare SOFP AND INCOME STATEMENT for this question?

A: Financial statements are the records of the economic activities performed by the business to earn…

Q: How to Determine the Transaction Price?

A: Definition:   Transaction price: Transaction price refers to the price that a corporation receives…

Q: Define the term revenue expenditure.

A: Fixed Assets:   It refers to the long-term assets having a useful life of more than a year which…

Q: What is the revenue project?

A: Revenue refers to the income generated by the company by performing certain operations or business…

Q: How to calculate revenue?

A: Money earned by selling products produced or purchased is called sales revenue. Ideally revenue is…

Q: What is the criteria to recognize revenue?

A: Introduction: Taxes, customs charges, earnings from state-owned firms, capital revenues, and foreign…

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

Q: What is a transaction price?

A: Transaction price: It is the price of a service or a good which is expressed relative to the similar…

Q: What is the revenue recognition principle?

A:

Q: Why is the revenue recognition principle needed? What does it demand?

A: Revenue recognition forms a part of generally accepted accounting principles (GAAP) that determines…

Q: Explain what is meant by the phrase matched with revenues

A: The term matched with revenues means to recognize expenses in the same period as the related…

Q: Describe the rules of accounting rate of return.

A: The accounting rate of return (ARR) is the percentage rate of return expected on investment or asset…

Q: Explain how to determine the transaction price.

A: Determination of transaction price is one of the step of revenue recognition process. The…

Q: Distinguish between Service Projects and Revenue Projects?

A: Service Projects: Service projects are those projects which are carried out for the welfare of…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: What is the transaction's profit

A: This question deals with the transaction's profit?

Q: What is a functional expense statement?

A: The answer is explained as follows:

Q: What is Physical Systems of Revenue Cycle?

A: Revenue cycle           Revenue cycle are divided into two              a. physical phase…

Q: Differentiate the Revenue Cycle and Expenditure cycle

A: The processes of the business are divided into different accounting cycles. The revenue cycle,…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…

Q: What is revenue?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Classify Revenue or capital expenditure?

A: Introduction: Revenue Expenditure: Its a Recurring expenditure. Expenditure spent with in 12 months…

Q: Define Revenue

A: The revenue is reported on the income statement of the company, and it is used to derive the net…

Q: What are the revenue cycles ( in proper order)

A: Introduction:- Revenue cycles normally starts from receiving order from consumers or entering in…

Q: What is a fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: appropriation account?

A: Appropriation represents the profit distribution of the company for shareholders and reserves.

Q: Define revenues

A:

Q: Which one of the following is a revenue expenditure?

A: Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets…

Q: Discuss the major principle that describes recording revenues.

A: We have many accounting principles that will guide accountants in recording and reporting financial…

Q: What are the two most often used ways of accounting for revenue from by-products?

A: When the manufacturing entity is engaged in manufacturing the main product which is the main source…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.