Porite company recognizes revenue in the period in which it, Ask an Expert

Accounting

Porite Company recognizes revenue in the period in which it records an asset for the related accounts receivable, rather than in the period in which the accounts receivable is collected in cash. Porite's practice is an ex of:

a) cash basis accounting

b) accrual accounting

c) the matching principle

d) economic entity

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948951

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Assignment - task to doprepare balance sheet as at 31

Assignment - Task to do Prepare Balance Sheet as at 31 December 2017. Profit and loss statement for the year ending 31 December 2018. Balance sheet as at 31 December 2018. Statement of cash flow of the year ending 31 Dec ...

Question - family home and security inc sells super

Question - Family home and security, Inc sells super padlocks. It reported an increase in net sales from 5.0 billion in 2014 to 5.3 billion in 2015, and an increase in gross profit from 1.5 billion in 2014 to 1.7 billion ...

Question -what does the statement of stockholders equity

Question - What does the statement of stockholders' equity report? How does the statement of stockholders' equity differ from the statement of retained earnings? What is the effect on the accounting equation when cash di ...

Question - x companys profit equation next year is expected

Question - X Company's profit equation next year is expected to be 0.47R-$12,900, where R is total revenue. Assuming a tax rate of 36%, what must next year's revenue be in order for X Company to earn after-tax profits of ...

Question each part should be supported with extensive text

Question: Each part should be supported with extensive text explaining and supporting the details of your plan. Part Two - List of financial goals (short, medium, and long-term) ? ?You should have a minimum of 3 for each ...

Question - weston company has these data at december 31

Question - Weston Company has these data at December 31, 2017, the end of its first year of operations. Securities Cost Fair Value Trading $110,000 $122,000 Available-for-sale100,000 96,000 The available-for-sale securit ...

Question - stockman corp purchased 10 1000 6 bonds of

Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...

Question - vela enterprises inc would like to prepare

Question - Vela Enterprises Inc. would like to prepare summary cash budget for March. The following information is available: The cash balance at 1 March was estimated to be $8 000. March sales, all on account, were esti ...

Question - pandora pillow companys planned production for

Question - Pandora Pillow Company's planned production for the year just ended was 10,000 units. This production level was achieved, but only 9,000 units were sold. Other data follow: Direct material used$40,000 Direct l ...

Question - jalisco corporation has net income of 281000 for

Question - Jalisco Corporation has net income of $281,000 for the year ended December 31, 2010 and common shares outstanding of 100,000. The company did not issue or repurchase additional common shares during the year. J ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert