Question
Which accounting concept restricts a firm from booking
advance amount received from customers as a sale in the books of accounts?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.
GIAHS stands for:
Which is the type of tillage in which number of tillage operations are reduced to minimum required?
Highest SNF content is found in which animal milk?
Thiourea is type of fertilizer
Fruit cracking in litchi is caused by ____
In Production function curve, which stage starts when AP and MP intersect each other and E is equal to 1?
Enzyme used for tenderization of meat and meat products is/are
Relay intercropping is
The rearing of young bee to replace the old queen bee is
Sterilization by use of irradiation is also called
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