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1. What would be the appropriate entry for the following transaction?

Bill Co. performed $5,200 in consulting services on account
Credit to Cash, Debit to Accounts Receivable
Debit to Revenue, Debit to Cash
Debit to Accounts Receivable, Credit to Cash
Debit to Revenue, Credit to Cash
Debit to Accounts Receivable, Credit to Revenue

2. The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:

Going-concern principle
Cost principle
Revenue recognition principle
Objectivity principle
Business entity principle

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9160622

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