Question
Advance amount received from customers is not considered
as sale. It is based on which concept?Solution
The accrual accounting concept recognizes revenue when it is earned and expenses when they are incurred, regardless of the timing of cash transactions. When an advance amount is received from customers, it represents a liability until the goods or services are delivered. It is only considered as a sale when the revenue is earned, which aligns with the accrual accounting principle.
Which is the most suitable method for preserving flowers with high moisture content like roses and carnations?
Which one is insect trap crop?
Which among the following is a C₃ Plant?
Transmission of grape vine fan leaf virus is by nematode:
Which one is a warm season crop?
Which mineral is a primary component of limestone?
Milk fat in ice cream should not be less then:
Which of the following is a benefit of Zero Budget Natural Farming?
In nutrient uptake studies, which element is primarily associated with the regulation of stomatal movement and enzyme activation?
Sago is the important food product derived from
Relevant for Exams:
