Question

the John marketing company recognizes this revenue in year 2018 .this action is justified by ?
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Answer 1

Answer:

buisness entity consept revenue recognition principal

Explanation:

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Answer 2

Answer:

The action given is justified by- Accrual-basis of accounting

Explanation:

The John marketing company recognizes this revenue in year 2018 . This action is justified by Accrual-basis of accounting.

• In 2018, the revenue was recognised by the John marketing companies.
• This question is adapted from the "Accounting Principles and Concepts" chapter.
• The accrual foundation of accounting justifies John Marketing Company's approach.
• Accounting transactions should be documented in the accounting periods in which they occur, rather than in the periods in which there are cash flows connected with them, according to the accrual foundation of accounting.

Accrual basis accounting recognizes business revenue and matching expenses when they are generated—not when money actually changes hands. This means companies record revenue when it is earned, not when the company collects the money.

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