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प्रश्न
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
विकल्प
Matching principle
Principle of full disclosure
Dual aspect principle
Realisation concept
उत्तर
Realisation concept
Explanation:
The realisation concept states that revenue is recognized and deemed to be realized when the goods have been transferred, or the services have been rendered to a customer. There is a reasonable certainty of payment. This principle ensures that revenue is recorded in the accounting period in which it is earned, not necessarily when payment is received.
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संबंधित प्रश्न
Accounting principles are necessary due to which of the following reasons?
______ is the language of business.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
"Fixed assets should be valued at the market price." Comment.
Explain The Dual Aspect Principle.
Explain the revenue principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
