Under ASPE, which of the following is not a condition that must be met for revenue to be recognized?
Multiple Choice
The promised performance has been satisfied.
Payment has been received for a product or service.
Delivery has occurred or services have been provided (rendered).
The price is measurable, with reasonable certainty.
Answers
Under ASPE (Accounting Standards for Private Enterprises), the condition that is not required for revenue recognition is "Payment has been received for a product or service."
The conditions that must be met for revenue to be recognized under ASPE are:
The promised performance has been satisfied: This means that the seller has fulfilled its obligations and delivered the goods or services to the customer. The seller must have transferred control of the product or provided the service as specified in the contract.
Delivery has occurred or services have been provided (rendered): This condition requires that the seller has transferred physical possession of the goods to the customer or has completed the services as agreed upon. It focuses on the point at which the customer obtains the benefits and assumes the risks associated with the goods or services.
The price is measurable, with reasonable certainty: This condition means that the amount of revenue to be recognized should be determinable and can be reasonably estimated. The price should be fixed or determinable, and the uncertainty should not be significant.
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Related Questions
do chip credit cards protect against online purchases
Answers
Answer:
Protecting Against Payment Card FraudExplanation:
The chips do nothing to protect against online payment card fraud, which depends on account numbers and passwords rather than the physical cards. As one security expert noted, computers and mobile devices don't have card readers attached.
All business expense deductions are claimed as itemized deductions.
a. True
b. False
Answers
The given statement, "All business expense deductions are claimed as itemized deductions" is False.
A business expense deduction is a tax write-off that allows a company to subtract all ordinary and necessary expenses from its revenue, reducing the amount of taxable income. Business expense deductions are claimed on a company's tax return, which is typically a separate tax return from the owner's individual tax return.
All business expense deductions are not claimed as itemized deductions. Instead, business expenses are deducted as a deduction against revenue on the company's tax return. A business expense deduction reduces the amount of taxable income for the company, which in turn reduces the amount of taxes owed.
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Post-Assessment
Question 2 of 5
Why is buying a car considered "bad debt"?
It decreases in value over time
It increases your net worth as it build equity
It gives you transportation to and from your job
It is worth more than any other investment
Submit
Continue
E
Answers
The reason why buying a car considered "bad debt"is that It decreases in value over time. option A
What is bad debt?The term bad debt can be described as the amount of money that a creditor must write off as a result of a default on the part of the debtor in a case whereby the creditor has a bad debt on the books, then things turn to uncollectible and is recorded as a charge-off.
It should be noted that a case can be regarded as bad debt because the value of the asset you receive from the loan depreciates quickly however in some cases interest charges increase how the amount that is been paid for the vehicle. and in thius case cost is higher compare to what it would be if you'd purchased the car outright with cash.
Hence, option A is correct.
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who is the president in Italy
Answers
Answer:
Sergio Mattarella
Explanation:
Sergio Mattarella OMRI OMCA (Italian pronunciation: [ˈsɛrdʒo mattaˈrɛlla]; born 23 July 1941) is an Italian politician, jurist, academic and lawyer who serves as the 12th and current president of Italy.
Answer:
Sergio Mattarella
Explanation:
Sergio Mattarella OMRI OMCA (Italian pronunciation: [ˈsɛrdʒo mattaˈrɛlla]; born 23 July 1941) is an Italian politician, jurist, academic and lawyer who serves as the 12th and current president of Italy.
A new customer wishes to open an options account with your firm. All of the following procedures are required prior to the first trade EXCEPT the: A customer must complete an Options Agreement B Registered Options Principal must approve the account before the first trade C customer must be sent an Options Disclosure Document D new account form must be completed
Answers
Answer:
customer must complete an Options Agreement
Explanation:
Options account can be regarded as
brokerage account which is been
approved for the sake of buying and selling options.To Open an option account an investor must be able to complete an option agreement, then collect a brochure that gives description of the risks of trading a standardized options.Options can be regarded as derivative product that give room to investors in speculating on as well as hedge against volatility that could come from underlying stock.
It should be noted that when a new customer wishes to open an options account with a firm, the following procedures are required prior to the first trade ;
1)new account form must be completed
2)customer must be sent an Options Disclosure Document
3)Registered Options Principal must approve the account before the first trade
If a bank is offering a higher interest rate of return to investors, the most likely impact on borrowers from the same bank is.
Answers
If a bank is offering a higher interest rate of return to investors, the most likely impact on borrowers from the same bank is that they may have to pay higher interest rates.
The interest rate that a bank charges on a loan is its source of income. The funds from interest rates are used to pay expenses, maintain operations, and finance the bank's other investments. Borrowers from the same bank would be impacted in the form of increased interest rates on their loans if the bank is offering a higher interest rate to investors, and this may not be an encouraging move for borrowers. In summary, if a bank offers a higher interest rate of return to investors, it is expected that borrowers from the same bank will have to pay higher interest rates.
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If a bank is offering a higher interest rate of return to investors, it usually implies higher borrowing costs. The bank could increase loan interest rates to generate the required income to pay this higher interest, impacting borrowers with higher costs.
Explanation:When a bank offers a higher interest rate of return to investors, it generally means that the bank is attracting more funds. To generate the income required to pay this higher interest, the bank is likely to increase the interest rate it charges on loans. This means that the most likely impact on borrowers, from the same bank, would be higher interest rates on their loans. Interest rates for both savings and loans are closely interlinked. The amount a bank can afford to pay its depositors largely depends on the amount it earns from its borrowers. Therefore, this higher rate for investors often translates into a higher cost for borrowers.
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A student is graduating from college in six months but will need a loan in the amount of $2,560 for the last semester. the student receives an unsubsidized stafford loan with an interest rate of 6.8%, compounded monthly, with a six month grace period from the time of graduation. after the grace period the student makes fixed monthly payments of $84.34 for three years. determine the total amount of interest the student paid. $985.13 $3,036.24 $476.24 $378.81
Answers
The total amount of interest that the student paid for the unsubsidized Stafford loan with an interest rate of 6.8%, compounded monthly is $476.24. Thus, the correct answer is option C.
What is a loan?A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance. The recipient (i.e., the borrower) incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
Given,
Sum borrowed = $2,560
The fixed monthly payment = $84.34
The total amount that the student paid for 3 years after the grace period
= $84.34 × 3 × 12 = $3036.24
The amount of interest will be :Total amount paid - Sum borrowed
Interest = $ 3,036.24- $2,560 = $ 476.24
Therefore, $476.24 is the the total amount of interest the student paid.
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how does a recession impact the financial markets? group of answer choices it decreases loanable funds. it increases loanable funds. it decreases risk. it increases stock prices.
Answers
A recession impacts the financial markets by decreasing stock prices.A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, usually visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales.
A recession impacts the financial markets by decreasing stock prices.How does a recession impact the financial markets?The impact of a recession on financial markets can be described as follows:Stock prices: During a recession, companies' earnings and revenues decline, which causes their stock prices to fall. Investors become more cautious and avoid investing in high-risk stocks.
Loanable funds: As people become more concerned about losing their jobs, they tend to save more, which leads to a decrease in spending and a decline in loanable funds. Interest rates decrease in response to this situation.Risk: During a recession, investors' perception of risk increases, causing them to withdraw from the market. Investors' risk aversion is a significant driver of market behaviour. Therefore, as the risk of investment grows, the stock market falls.The rise in loanable funds is not one of the impacts of a recession on financial markets, as spending decreases, which leads to a decline in loanable funds. It can also decrease risk, as risk aversion rises during a recession. However, this is only possible if there is some measure of certainty regarding the economic situation.
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From the perspective of access to capital, the best form of business organization is the
S corporation. corporation. partnership. sole proprietorship.
Answers
Option b is Correct. The corporation is the finest type of business organization in terms of access to finance.
The strongest protection against personal liability is provided to owners by corporations, although forming a corporation is more expensive than creating other types of entities. Additionally, corporations require more thorough reporting, operational procedures, and record-keeping. corporation, sometimes known as a C corp, is a separate legal entity from its owners.
Corporations are able to generate revenue, pay taxes, and face legal consequences. Corporations must pay income tax on their profits, unlike single proprietors, partnerships, and LLCs. Sometimes, corporate profits are taxed twice: once when the business makes a profit and once again when shareholders get dividend payments on their personal tax returns. The lives of corporations are entirely independent.
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Correct Question:
From the perspective of access to capital, the best form of business organization is the _______.
a. Sole proprietorship
b. Corporation
c. Partnership
d. S Corporation
50%
15%
20%
15%
Adjust the percentages of Chris's investment to minimize the risk in his portfolio
15%
BOND
(low risk, low growth)
50%
STOCK
(higher risk, higher growth)
20%
MUTUAL FUND
(medium risk, medium growth)
15%
Answers
Max out Mutual Fund (I’m assuming it’s everfi)
deman is ____ when the price change results in a proportional change in quantity
demanded. This type of demand is __________________ to find.
Answers
Answer:
Unit elastic, difficult
Which of the following describes what is identified by a supply schedule?
a How much suppliers will profit at various prices
b How much consumers will save at various supply levels
c How much suppliers will raise prices as production varies
d How much of a product suppliers will produce at various prices
Answers
What is identified in a supply schedule is how much of a product suppliers will produce at various prices (option D).
What is a supply schedule?A supply schedule is a table that shows the price and quantity supplied of suppliers. It shows the total number of goods that would be supplied at various prices.
There is a positive relationship between price and the quantity supplied. This is because as price increases, there would be an increase in the quantity supplied. When price declines, there would be a decrease in the quantity supplied. This explains why the supply curve is positively sloped.
The supply schedule can be an individual schedule or a market schedule. When its an individual schedule, it contains information on only one supplier. If it is a market schedule, it aggregates the information of all the suppliers in the market.
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Golden Eagle Company has the following balances at the end of November:
November 30
Debit Credit
Supplies $1,650 Prepaid Insurance 6,600 Salaries Payable $10,300
Deferred Revenue 0
The following information is known for the month of December:
Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150.
No insurance payments are made in December. Insurance expired in December is $1,650.
November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300.
On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. For each item, (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. )
A. Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150. Record the entry made during the month of December.
B. Purchases of supplies for cash during December were $3,800. Supplies on hand at the end of December equal $3,150. Record the adjusting entry on December 31.
C. No insurance payments are made in December. Insurance expired in December is $1,650. Record the entry made during the month of December.
D. No insurance payments are made in December. Insurance expired in December is $1,650. Record the adjusting entry on December 31.
E. November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300. Record the entry made during the month of December.
F. November salaries payable of $10,300 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,300. Record the adjusting entry on December 31.
G. On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Record the entry made during the month of December.
H. On December 1, Golden Eagle received $3,450 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided. Record the adjusting entry on December 31
Answers
A. debit: supplies $3,800 Credit: Cash $3,800. Golden Eagle Company has the following balances at the end of November.
What is Golden Eagle ?A golden eagle is a large bird of prey found in North America, Europe, and parts of Asia. The golden eagle has a wingspan of up to 7 feet and can weigh up to 15 pounds. It is distinguished from other eagles by its golden-brown plumage and white tail feathers. Golden eagles are apex predators, meaning they are at the top of the food chain, and their diet consists mainly of small mammals and birds. Golden eagles use a combination of speed, agility, and sharp talons to capture their prey.
B. Debit: Supplies $650 Credit: Supplies Expense $650
C. No Journal Entry Required
D. Debit: Prepaid Insurance $1,650 Credit: Insurance Expense $1,650
E. Debit: Salaries Expense $10,300 Credit: Cash $10,300
F. Debit: Salaries Payable $15,300 Credit: Salaries Expense $15,300
G. Debit: Cash $3,450 Credit: Deferred Revenue $3,450
H. Debit: Deferred Revenue $2,900 Credit: Revenue $2,900
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Please help. I’m struggling. 20 points !!!!
To propose the idea of creating a partnership with another business, you will need to prepare
a formal business letter to send to the owner of Great BBQ, Hank White. This proposal should
introduce the following ideas:
Forming a partnership would allow both restaurants to sell the other's product and
merchandise.
The partnership would expand both of our businesses and customer base.
.
A more detailed meeting and presentation will follow if Great BBQ is interested.
Prepare a business letter to send to Great BBQ. (8 points)
Answers
Answer:
The letter could be somewhat like this:
Dear Hank White, CEO of Great BBQ
I am John Smith, I am the CEO of a meat distributor. I specialize in prime cuts like New York Ribeye, Tenderloin, and Wagyu Beef with the best Japanese Technique.
I am sure that as business partners, we both could do better than we do right now. I have the best raw material for your restaurant business, and you have the BBQ expertise and knowledge.
I would appreciate if you considered this letter, you can call me any time if you want to discuss further, or write me an email-.
Sincerely
John Smith
In more developed countries, suburban development during the mid-twentieth century focused on moderate single-family homes on small lots. In contrast, in the latter half of the twentieth century, many suburban areas were developed to contain large lots with single-family homes. Which of the following explains the importance of this change in the pattern of development?.
Answers
As cultural norms, demography, and suburban residents' preferences for more space and privacy changed, so did suburban development patterns.
Which urban model best fits the characteristics of a metropolis with edge cities along its beltway?Modeling the Periphery the core city is surrounded by sizable suburban residential and commercial regions, which are connected by a beltway or ring road, according to the peripheral model of urban development.
What is the term for a significant urban area that consists of numerous towns or cities?A conurbation is a geographic area made up of several metropolises, cities, big towns, and other urban districts that have fused into one continuous urban or industrially developed area as a result of population development and physical expansion.
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According to the short-run Phillips curve, the unemployment rate and the inflation rate are a. positively related. b. unaffected by monetary policy. c. negatively related. d. unrelated.
Answers
According to the short-run Phillips curve, the unemployment rate and the inflation rate are: C. negatively related.
What is the Phillips curve?Phillips curve can be defined as an economic theory which states that there exist an inverse (negative) relationship between the rate of unemployment and inflation rate in a particular economy and at a given period of time.
This ultimately implies that, the unemployment rate and inflation rate share an inverse relationship (negatively related) according to the short-run Phillips curve.
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Dakota earns $8.70 an hour for 37
Per month
hour week. How much is earned per week?
Answers
Answer:
$321.90
Explanation:
Let's pretend you have $1,200 a month to spend on rent. Be sure that there is at least
one apartment complex and one home on your list. Compare the three properties,
listing the pros and cons. Consider advantages or disadvantages related to the number
of bedrooms, location, amenities, and total floor space.
Which rental property would you choose based on your findings and why?
Answers
Answer:
Apartment 1:
pros:
- no previous tenants
- gym
fireplace
- garage
cons:
- 1 bedroom
- 1 bathroom
- no pool
- small kitchen
- no closet space
Apartment 2:
pros:
- pool
- 3 bedrooms
- 2 bath
- gym
cons:
- small bedrooms
- limited storage space
- holes in the wall
- mold
Apartment 3:
pros:
- 2 bedroom
- 2 bathroom
- pool
- hot tub
- garage
- large kitchen space
- storage closets
cons:
- none
I'd choose apartment 3 based off of the things I found inside home. Everything is great and brand new, under $1,200 and exactly what to look for. It's the best choice out of all three options.
Explanation:
I looked around for the answer to this question but couldn't find it. I created my own answer and got a 100. Hope this helps.
5.Is it easier for a few firm to enter the market under found in oligopolis competition or oligopolis? Why?
Answers
Answer: No, it is not easy for new firms to enter to market where there is oligopolis competition.
Explanation:
Oligopolis is a market condition in which few firms take the advantage to run their business and they do not allow small competitors to interfere and put barriers and obstacles for small competitors so that they cannot compete with them and do not earn anything. Those powerful competitors can make up the huge amount of profit. Also few sellers attain significant power in the market and prevent other.
Which of the following affects the natural environment negatively?
recycling cans
clothing we buy
production of solar panels
sustainable energy at a power plant
Answers
Answer:
Production of solar panels
Explanation:
In as much as solar panel is a good source of clean and renewable energy , the production processes of solar panels pose a threat to the natural environment.
A major environmental hazard related to the production of solar panel is the emission of greenhouse gas , just as it is in every other production process.
So also , a large no of space is required for the production which can birth environmental degradation and loss of habitat
Taxes placed on imports to protect domestic producers from foreign competition and to produce revenue for the government are Blank______.Multiple choice question.embargoesincometariffsquotas
Answers
Taxes placed on imports to protect domestic producers from foreign competition and to produce revenue for the government are tariffs.
Tariffs are taxes imposed by using one us on goods or services imported from another United States of America. Price lists are alternate limitations that increase expenses and reduce available quantities of products and offerings for U.S. organizations and customers.
Common types of tariffs are given below.
Specific tariffs.Ad valorem tariffs.Licenses.Import quotas.Voluntary export restraints.Local content requirements.A tariff is a tax imposed by using a government on items and services imported from other countries that serve to grow the fee and make imports much less perfect, or as a minimum much less competitive, as opposed to domestic items and offerings.
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In which human resource activity does a typical labor agreement NOT give the union a role? A) recruitment. B) selection. C) dismissal. D) appraisals.
Answers
The human resource activity in which a typical labor agreement does NOT give the union a role is appraisals. Option D.
What is appraisal at work?
An appraisal is a formal opportunity to analyze your performance at work, which also offers you a chance to talk to your employer about your career plans.
Appraisals are not required by law, but they can be useful for both you and your employer to review progress and discuss wider work issues.
Here are six tips on how to conduct an effective performance appraisal.
Be prepared. ...
Create a joint agenda. ...
Discuss challenges and successes. ...
Discuss ideas for development and action. ...
Agree on actions that need to be taken. ...
Summarise the meeting and express support.
Hence, the right answer is option D. Appraisals.
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A whole supermarket shelf of snack food bags is marked, "Frito-Lay." This is an example of a(n)
brand.
a. co brand
b. individual
c private
d. wholesale
e. family
Answers
Lucky Laundry reported assets of $950 and equity of $580. What is Lucky's debt ratio?
Answers
Answer:
0.3894
Explanation:
Debt Ratio = Total Debts/Total Assets
We will find the amount of Debt since amount of total assets is given
Assets = Liabilities + Equity
$950 = L + $580
L = $950 - $580
L = $370
Now lets find the Debt ratio
Debt Ratio = Total Debts/Total Assets
= $370/$950
= 0.3894
Describe three features of Agriculture before the Agricultural Revolution.
Answers
The three features of Agriculture before the Agricultural Revolution are "Nomadic lifestyle, Small-scale farming, and Limited technology".
The agricultural revolution was the agriculture small-scale practices and subsistence-based activity that played a secondary role to hunting and gathering.
The three features of Agriculture before the Agricultural Revolution are Nomadic lifestyle, Small-scale farming, and Limited technology.
The Nomadic lifestyle referred to practice in agriculture in which humans were predominantly nomadic and relied on hunting and gathering for sustenance. They moved from place to place in search of food.
The Small-scale farming referred to clearing small plots of land and planting crops.
The Limited technology referred to used primitive tools, such as stone axes and digging sticks, to clear land and plant crops.
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When a company listens to a customer, the customer is more likely to be loyal to the business because
Answers
Answer: Customers that are listened feel like the company is more concerned with helping them and not just selling something.
Explanation:
instructions:wikarambulan is a sound like game. by saying\pronouncing and connecting the word, reveal the elements and factors of principles, tools and techniques in creating a business. write your answer on the blank space provided in the side of the paper.
1. IS TRE ENGCKS
2. OP FORTUNE NI TEAS
3. WEEK NEST CES
4.THREE EATS
5. IN DUST TREE
6. END BY RON MEANT ALL
7. PIE HAVE FOUR ZEST
8. ENCHO NO MEEK
9. SOAP FLYER
10. COST TOO MHER
Answers
Answer:
1.strengths
2.opportunities
3.weakneses
4.threats
5.industry
6.environment
8.economic
9.supliyer
10.customer
help me out, please.
Answers
Answer:
a) Sub total of Kevin's order = $49.99
b) Total of Kevin's order = $62.99
Explanation:
In an invoice, the subtotal for a person's transaction of order is the sum of the item only without the addition of taxes, shipping, credit card fees(if they order and pay for the item online), discounts e.t.c
The total amount for the purchase of an order is the sum total which includes cost of the goods, discounts, taxes, shipping fees e.t.c.
For Kevin,
a) His Subtotal is the cost of his Base ball jacke × number of jackets
= $49.99 × 1
= $49.99
b) Total of Kevin's order
= Cost of his Base ball jacket + Shipping and Handling fee + Credit card fee
Shipping and Handling fee = $10.00 Credit card fee = $3.00
Total = $49.99 + $10.00 + $3.00
= $62.99
assume that a company uses a general journal as well as special journals for sales, purchases, cash receipts, and cash payments. a sales return for credit on account would be recorded in the. a. cash receipts journal.b. cash disbursements journal.c. direct posting journal.d. sales journal.e. general journal.
Answers
Sales return for credit on account would be recorded in the sales journal if a company uses a general journal as well as special journals for sales, purchases, cash receipts, and cash payments.
A general journal is a bookkeeping journal or accounting book used to record all transactions in one location. It is also known as the book of original entry since all financial transactions are initially registered in this ledger. It has columns for the date, description, post reference, debit, and credit.Generally, this type of accounting journal is used to track transactions that cannot be recorded in any other journal. Every company has a general journal, and it is a requirement for producing audited financial statements.
The Direct Posting Journal is not a commonly used journal in accounting, and the General Journal is used for recording transactions that do not fit into any of the special journals.
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Answer: General Journal
Explanation: Only sales on account are recorded in the sales journal. Sales returns for credit on account would not be recorded in the sales journal, it would be recorded in the general journal.
"Financial resources are the lifeblood of any office." Justify this statement.
Answers
Answer:
This phrase states that financial resources are very important in any company, it represents "the lifeblood". In order to grow, any company needs financial support. The lack of money leads to problems within the company.
They are boosting production, generating jobs, and taking advantage of local and international economic prospects.
What is a resource?A resource is any material that is obtainable to that in our surroundings that is commercially feasible, physically accessible, and environmentally desirable and that enables us to meet my wishes and needs.
Because banking is the golden key that grants all the resources necessary for someone to be engaged in producing and marketing processes, finance is regarded as the pulse of an industry. Effective financial administration is essential to a company's development.
Whatever the size of something like the organization, accounting is believed that it is the soul of a sector because it's necessary for all managers of a firm to achieve their objectives. When a company idea, financing is required from the outset.
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