Revenue Is Earned Only When Money Is Received Quizlet

Income received for services performed including wages commissions tips and generally farming and other business income.

Revenue is earned only when money is received quizlet. Income you receive from employment. Recording cash received in advance from customers as revenue when the product is not yet shipped. Wages or salary before payroll deduction. Recording revenue in december 2009 for units sold but not yet paid for in full.

True the excess of revenue over the expenses incurred in earning the revenue is called capital. Oe the balance sheet b and the income statement i are prepared in a certain order to obtain information needed for the next statement. States the amount of money earned and taxes paid throughout the previous year. Usually computed on an hourly daily or piecework basis.

Not recording interest earned in 2009 until the cash is received in 2010. Revenue is earned only when money is received. Form of non monetary compensation received in addition to a wage or salary. Revenue is earned only when money is received.

In what order are these three statements prepared. Earned income and skill demand 6.