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Earn +20 ptsQ: Accounting for membership revenue
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When is revenue reconized in accurual accounting?
Revenue is recognized when it is incurred in accrual accounting while in cash based accounting revenue is recognized when actual cash is paid
The revenue recognition principle dictates that revenue should be recognized in the accounting records?
The revenue recognition principle dictates that revenue should be recognized in the accounting records when it is earned.
Describe how an accurral accounting deferent fom cash accounting?
Accrual accounting records an expense/revenue in the period the transaction occurs. Cash accounting recognizes and expense/revenue when cash is exchanged.
What is the meaning of deferred revenue expenditure?
an deferred revenue is known as accounting
What is an application of accrual accounting?
An application of accrual accounting is the notation of expenses as opposed to revenue earned in the same period. Revenue is only shown when it is realized or expected. In accrual accounting assets minus liabilities equals revenue.
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