Revenue is generally recognized as being earned at that point of time when?
Acash is received
Bdebts are collected
Csale is effected
D
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Correct answer
C. sale is effected
Explanation
sale is effected is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Petty cash
Explanation
Petty cash is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Cost+ Transport+ Installation expenses
Explanation
Cost+ Transport+ Installation expenses is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Sales return journal
Explanation
Sales return journal is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Revenue
Explanation
Revenue is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Payments
Explanation
Payments is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Income
Explanation
Income is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Sales return day book
Explanation
Sales return day book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Remitting or receiving the amount
Explanation
(c ) In case of accommodation bills, the additional entry that is to be passed other than the usual entries passed with regard to trade bills in the books of the drawer is in respect of (c ) remitting or receiving the amount at the time of discounting the bill and honouring the bill at maturity. The entries passed are the same in case of discounting the bill with the bank A. and no additional entry is passed except for sending the share of proceeds to the drawee. On payment of the bill on due date B. no additional entry is passed in the books of the drawer. If the bill is sent to the bank for collection, D. the purpose behind the accommodation bill is defeated. However, no additional entry is required to be passed at the time of sending the bill to the bank for collection D.. Thus, C. is the correct answer.