Skip to main content

Accrual Principle of Accounting – Accounting Homework Help

By Anonymous
The accrual principle of accounting denotes that revenues should be kept in the accounts as soon as they are accumulated or realized instead while actual cash is realized. Thus if, for example, Christopher NATO limited makes a credit sale of $ 100000 in the month January. The financial year ends on March 31st , March 2012. The cash of this credit sale is similarly to be received in June 2012. After that as per to accrual principle of accounting the sale should be recorded like an accrued revenue asset in the balance sheet of financial year 2011-12 though if the actual cash for this sale will be received in financial year 2012-13 (Nitzan, Jonathan; Bichler, Shimshon ,2009).



Revenue recognition principle is an extremely important one in accounting. Revenue is said to be recognized once the invoice of the sale is accepted by the customer. The customer may select to pay instantly on receiving the invoice of sale or it may select at a latter point of time. In few cases he may even pay in advance that is before the actual sale has taken place. In these cases the revenue will be identified as deferred revenue. Deferred revenue is a liability for the business.

There are several websites that provides Online Accounting Homework Help. They offer the students their services 24/7 and provide completely customized solution as per to your needs. They offer all types of help required with Accounting Homework from school, college or university and even masters degree levels. Their service enables you to talk to the Subject Matter Expert from field and offer the student’s desired help.

Comments

Post a Comment

Popular posts from this blog

Defining stock and debtors system

By Expertsbuzz.com
Under Stock and Debtors System, the head office does not open a Branch Account in its books. It maintains a few control accounts for recording the various branch transactions. These accounts usually are: (i) Branch Stock Account, (ii) Branch Debtors Account, (iii) Branch Expenses Account, (iv) Branch Cash Account (v) Goods sent to Branch Account, and (vi) Branch Fixed Assets Account. At the end of the accounting year, it prepares the Branch Adjustment Account and the Branch Profit & toss Account. This system is used only when goods are invoiced at , selling price which the branch is not allowed to vary. Let us now study the working of each account opened by the head office when such a system is followed. Branch Stock Account: This is the most important account which helps the head office in controlling the branch stock. It shows all branch transactions relating to goods. The goods sent to branches and the sales returns are shown on its debit side, and the sales (both cash and c...
Post a Comment
Read more

Reckless acts of violence

By
In 1990, a guy by the name of David Koresh formed a group of followers who believed in the book of revelation as an apocalyptic in the New Testament of the bible who called themselves Branch Davidians.  Koresh was a high school drop out that possessed a young charismatic religious belief.  Koresh's followers called him, "The Lamb of God."  The group formed outside Waco, Texas in a well-built compound built to survive judgment day. A mailman, in 1992, noticed a partially opened package that contained grenades.  The mailman reported this to the Alcohol, Tobacco and Firearms (ATF).  An investigation was opened on the group and Koresh.  As a result, a search warrant was granted to search the compound of weapons and explosives. tactical team formed outside the compound for a raid, which was met with force.  Four agents, and six of Koresh's followers were killed.  This incident lasted for 5 days.  The Federal Bureau of Investigations (FBI) assume...
Post a Comment
Read more

Synthesis And Behaviour Advances of Inorganic Chemistry

By
In the year 1869, Russian Chemist Dmitry Mendeleyev forms the periodic table of the element. Since Newlands did before him in the year 1863, Mendeleyev categorizes the elements, according to their atomic weights and observes that they show recurring patterns or periods of properties. Inorganic chemistry is the study of the behavior and synthesis of inorganic and organometallic compounds. Such field covers all chemical compounds apart from the myriad organic compounds (i.e., carbon based compounds, generally having C-H bonds), that are the subjects of organic chemistry. The distinction among the two disciplines is far from absolute, and there is too overlap, most significantly in the sub-discipline of organometallic chemistry. It has applications in all aspect of the chemical industry–comprising catalysis, materials science, fuel, surfactants, pigments, coatings, medicine, and agriculture.   Inorganic chemistry is concerned with the reactivity and properties of all ...
Post a Comment
Read more