The realization concept states that
...The realization concept states that
Revenue is recognized as being earned when ownership of goods passes to the customer
Revenue and profit should not be anticipated
Similar way from one accounting period to another
Transaction must be expressed in monetary term
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned. Advance payment for goods.
The excess of current assets over current liabilities is ...
A partner who only make capital contribution but does not take part in the management of the pa...
The correct entry to reflect the receipt of cash sent by a branch to a head office is ...
Commission-on-turnover is charged on? ...
Which of the following statements is not true? ...
Provision for doubtful debts------1,000Cr Bad debts--------500Dr Debtors-------50,000Dr Additiona...