The concept which states that revenue is recognized when ...
The concept which states that revenue is recognized when goods are sold is
Realization concept
Going concern concept
Matching concept
Periodically concept
Correct answer is A
The realization concept states that revenue can only be recognized once the available goods or services associated with the revenue have been delivered or sold.
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ p...
Income received in advance is shown in the balance sheet as ...
Members of a not-for-profit making organization ...
Opening stock---------2,300 Purchases-------------11,874 Sales--------------------18,600 Closing ...
A partner's drawing is debited to ...
Salaries in arrears is treated in the balance sheet as a ...