Question
Which accounting principle/concept states that revenue
should be recognized when it is earned, regardless of when cash is received?Solution
The accrual principle dictates that transactions are recorded in the period they occur, meaning revenue is recognized when earned and expenses when incurred, regardless of the timing of cash flows.
Anju deposited two parts of a sum of Rs. 30,000 in different banks at the rate of 15% per annum and 12% per annum respectively. In one year she got Rs. ...
- Ravi scored 50% more in Economics than in Accountancy. If the average of his marks in Economics, Accountancy, and Business Studies is 88 and his marks in B...
A student scored 40% in mathematics, 70% in science, and 60% in English. If the maximum marks in each subject are 200, what are the total marks scored b...
The value of A’s car is depreciating by 25% every year whereas the value of his house is appreciating by 17% each year as compared to the previous yea...
In an exam, Riya scored 40% and fell short of the pass mark by 20 marks, whereas Mehul scored 50% and exceeded the passing mark by 10 marks. What are th...
The respective ratio of monthly income of A to monthly income of B is 5:6, and A’s saving is (100/6)% more than B’s saving. Find the expenditure of ...
B invests 40% of his monthly salary on Travelling and 25% of remaining on Food. Again, he invested 20% of the remaining (after travelling and food expen...
P and Q are two numbers. Their average is 420, and the sum of P and Q is 200% of P. What percentage of P is the difference between P and Q?
80% of a number is equal to 60% of another number. If the total of both numbers is 560, find the difference between them.
84 is what % of 120?
