The revenue recognition principal dictates that all types of incomes should be recorded or recognized when:
A. Cash is received
B. At the end of accounting period
C. When they are earned
D. When interest is paid
Answer: Option C
A. Cash is received
B. At the end of accounting period
C. When they are earned
D. When interest is paid
Answer: Option C
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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