Revenue is generally recognized as being earned at that point of time when?

Related Mcqs:

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

A. Arithmetic accuracy B. Errors of commission C. Omissions of economic events D. Understatements of balances...

What is the basic accounting equation?

A. Capital+Liabilities=Assets B. Assets+ liabilities =Capital C. Capital+assets=liabilities D. Liabilities+Capital...

Current assets – Current liabilities=?

A. Capital B. Absorbed capital C. Net assets D. Net working capital...

The adjustment to be made for income received in advance is:

A. Add income received in advance to respective income and show it as a liability B. Deduct income received in advance from respective income and show it as a liability C. Add income received in advance to respective income and show it as asset D. Deduct income received in advance from respective income and show … The adjustment to be made for income received in advance is:Read More...

Carriage on goods purchased is shown in:___________?

A. Profit and Loss A/c B. Capitalized with work in progress C. Trading A/c D. Shown in Balance Sheet...