22. Sprayer Injector What are the 4 source of food and beverage revenue? What impact did performing these services have on the accounting equation? Bank service charges (miscellaneous expense) 26 Since you buy the popsicles for $5, That would be the Capital. It is shown in the liability side as Unearned revenue and is not an accrual. . Revenue expenditure is the sum of the expense that the business incurs in the production of goods and services, which helps the company's revenue generation in an accounting period. Interest expense is reported on the income statement as an operating expense. Reported on the bank statement is a canceled check that the company failed to record. 2) Which of the following is an example of a revenue object? Permanently allowing businesses to fully and immediately expense their research and development (R&D) expenditures, reversing a switch to five-year amortization that took effect on January 1, 2022; Increasing the $600 threshold for 1099-K information reporting, ideally to the $20,000 and 200-transaction thresholds in place before passage of the . What are the 2 types of revenue? Estimated warranty liability 1,950 Prepare journal entries to record the adjustments entered on the six-column table. What are the three 3 hospitality Resources? But some companies routinely derive additional revenue from their business operations. view details , Revenue Management. Here, The Correct Option is -c. Interest expense incurred but not yet paid: Description- Revenue Collected in advance is a liability for the year in the current year. 59. Direct costs: These costs are directly related to manufacturing a product. Thanks for reading this, Please leave an upvote if you liked the answer. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2019. Revenue calculations come before removing any expenses, such as discounts and returns. see details , An investment center is a business unit that a firm utilizes with its own capital to generate returns that benefit the firm. How do you find revenue example? What is the purpose of the Cash Short and Over account? Wages owed to employees who worked during the period. A Duties B Tax on commodities C Income from interest D Proceeds of taxes Solution The correct option is C Income from interest Revenue to the government from sources other than taxes is called non-tax revenue e.g. It is the top line (or gross income) figure from which costs are subtracted to determine net income. A) more materials were purchased than were used. The principal and interest will be paid on June 30, 2020. A few companies get revenue from royalties, other fees, or interests. continue reading , 'To serve the community by fairly and efficiently collecting taxes and duties and implementing Customs controls. see more , Revenue (sometimes referred to as sales revenue) is the amount of gross income produced through sales of products or services. Which of the following is an example of non-tax revenue? ______ 3. Greenbayhotelstoday is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. $\frac{127}{3^{x}}=67$. The audit's purpose is verification of the company's financial statements relating to the . All Rights Reserved. Recording interest revenue when cash is collected rather than when earned. D. mail, Receiving an email that says you have changed your bank account password when you have not is: The average stock of goods in a year ending december 31 was $7500. C. Shark Corporation's costs are higher than Duck Company's costs. D. a debit to Accumulated Depreciation for $300. Revenue $235,000 Sales Returns $4,250 Sales Discounts $4,350 Net Sales $225,000 Cost of Goods. B Gain resulting from changes in foreign exchange rates. Depreciation expense for the two items of equipment used during year 2021. 23. Depreciation expenseEquipment 0 4c. Which of the following is an example of revenue? 14. Outstanding checks 2,350 For example, in the Name option, you can say vsrx-node-1 and for ha-peer option, you can say vsrx-node-2. Production cost centres, where the products are manufactured or processed. 24. Multiple Choice, Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. 1. The lease is for an 8-year period ending March 31, 2029. In this example, the revenue expenditure is 1000 BDT which has been spent on the upkeep of the machine on a monthly basis. D) actual pounds of materials used were greater than the standard pounds allowed. These are the investment center, cost center, and profit center. What advice would you give someone who is cyclically unemployed? On the income statement, it is also known as sales. And to take it a step further, organizations should think of marketing as the revenue knowledge center. view details , Sales revenue is a company's income generated through the sale of goods or services. Revenue (also referred to as Sales or Income) forms the beginning of a company's income statement and is often considered the "Top Line" of a business. The interest represents a form of non-operating revenue for the technology retailer. Sales office. view details , Terms in this set (18) Cost center. For example, a lawyer may charge clients in billable hours, while a construction manager may receive revenue in installments. It should not be used when providing financial statements to external decision makers. ______ 1. These centers may be departments, divisions or business units that have direct interaction with consumers to sell goods and services. There are two types of revenue your business might receive: Operating revenue is revenue you receive from your business's main activities, like sales. 52. 15) Which of the following accounts normally have a credit balance? 40. All of these produce profitable revenue for a hotel or other hospitality industry business such as a food and beverage operation, a theme park, or a cruise line. view details , Revenue Centers For profit making, the operations are included the reservations, concierge, communications, Food and Beverage and housekeeping (laundry). see details , In a manufacturing company, the revenue centers may be the market or a sales units that are tasked with selling the finished goods produced by the company's manufacturing divisions, such as: Sales, marketing and advertising department. Sales revenue = 20,000 x 5 Sale revenue = $100,000 Net Revenue Formula: Fixed costs: Fixed costs are expenses that don't change despite the level of production. What are the 2 main types of cost centres? Revenue accounts are credited when services are performed/billed and therefore will usually have credit balances. 808 certified writers online. Learn More. Is housekeeping a revenue generating department? 2. Let us look at some examples to better understand the practical applications of revenue. . At that point, the fee is earned and is converted into an asset. For example: If you buy popsicles for $5 and sell it for $7. B. securities What are revenue and non revenue items? Dividend revenue. What are the 5 areas of front office department? A. likely a warning sign of fraud, but the email should What are the main sources of revenue for a business? 20. What are the types of revenue expenditure? Rent expense 20,000 Inventory purchased for sale to customers. The adjusting entry for depreciation of the building would include: A. a debit to Depreciation Expense for $300. A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. To ensure the proper functioning of the machine, a monthly fee of 1000 BDT is spent. In hospitality, food and beverage reigns supreme. Budget center is not a type of responsibility center. see more , A responsibility center can be a cost center, a profit center, an investment center, or other company-defined administrative center. Which of the following expenses does not affect operating income? D) Cash collected from an account receivable. In the fields of physical security and information security, access control (AC) is the selective restriction of access to a place or other resource, while access management describes the process.The act of accessing may mean consuming, entering, or using. Equipment 51,600 A cost center determines its costs and creates ways to reduce those costs. see more , 441.219 Non-revenue-producing cost centers. Gross revenue formula for a service-based business is: Gross Revenue = Number of Customers x Average Price of Services You may also see these expressed as the sales revenue formula. for only $16.05 $11/page. Liabilities, retained earnings, and revenue accounts are all on the right, side of the accounting equation and are all increased with a credit. Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Without advertising income, we can't keep making this site awesome for you. C. health care D) Accounts payable; Retained earnings; Sales revenue. What are the three 3 hospitality Resources? Also Known as Yield Management. Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. D. Shark Corporation requires more refined cost information than Duck Company. The journal entry to write-off an uncollectible account does not change the net realizable value (book value) of accounts receivable. Operating Revenue Revenue that results from the normal business activities. Useful life (years) 8 5 Unearned Revenue is a liability that shows a company has received cash for work or products but has not yet earned those assets and is listed on the balance sheet. continue reading , Examples of revenue accounts include: Sales, Service Revenues, Fees Earned, Interest Revenue, Interest Income. "The housekeeping department is one of the major departments in any hospitality industry ". continue reading , All revenue-generating areas of your hotel are included e.g., F&B, the spa, recreation, and housekeeping. see more , I believe the real truth is that marketing is a revenue center. 24. Generally, front office applications are part of customer relationship management (CRM), and provide a graphical interface for the end user or customer to request some available service. see details , There are three types of responsibility centers. There are primarily two types - one is related to the cost of sales , and the other is related to Opex . What is an example of an investment center? Interest revenue. Service cost centres, where services are provided to other cost centres. Which of the following is considered revenue? Which of the following is an example of 'REVENUE' for the purpose of AS-9? . Also read: Difference Between Capital Expenditure and Revenue Expenditure; Classification of Expenditure; Stay connected with BYJU'S for more such questions and answers on various commerce topics. Multiple Choice 1. If he regularly sells 50 pairs per month, his total revenue is $5,000 ($100 x 50 = $5,000). read more , Sales revenue is the income received by a company from its sales of goods or the provision of services. Over the past few years, however, unique models have emerged as part of an integrated talent . Live in Housekeeper. Which of the following is an example of an accrual? 4a. Thanks :) Revenue is the value of all sales of goods and services recognized by a company in a period. No warranty expense has been recorded for 2021. [1] These amendments are effective for meetings on or after February 1, 2023. They are being depreciated with the straight-line method using these facts and estimates. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas. What are the 3 types of responsibility? 5) The best method to determining weights for the stand-alone revenue-allocation method is: 6) Craylon Corp sells two products X and Y. X sells for $250 and Y sells for $145. Precisely matches the costs of items with the revenues they generate. Depreciation expenseTrucks 0 Interest payable 0 Competencies In this project, you will demonstrate your mastery of the following competencies: Describe how managerial accounting supports management information systems Utilize managerial accounting, Annapolis Company has two service departments (Computer Operations & Maintenance Services). Accumulated depreciationTrucks 0 For many companies, they are indeed the same. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. If you own a landscaping company, your business's operating revenue is derived from your services. Medium Open in App Solution Verified by Toppr Determine amounts for the following items: The following bullet points contain a brief description of the most relevant data: The regional average per capita generation of Domestic Solid Waste (DSW) and Municipal Solid Waste (MSW) is 0.6 kg/cap/day and 0.9 kg/cap/day, respectively. A) revenues and expenses are reported in the period in which cash is received or paid B) revenues are reported on the income statement in the period in which they are earned C) accrual basis of accounting supports the matching concept D) expenses are reported in the same period as the revenues to which they relate When a particular account receivable is determined to be uncollectible, the journal entry to write-off the account reduces cash. What are examples of responsibility centers? Bug-Off uses a perpetual inventory system. Which of the following is an example of revenue or expense to be recognized in the current period's income statement? Extermination services revenue 82,000 Revenue accounts are credited when services are performed/billed and therefore will usually have credit balances. view details , Transfer payments are not a source of revenues for government. see more , Revenue is the earning that an enterprise has from its normal business pursuits, usually from the sale of commodities, and services to consumers. Cash received from customers at the time services were provided Advertisement jomar7254 is waiting for your help. B. Revenue from the tobacco monopoly grew more than 300 percent from 1771 to 1819. 4. 19. This transaction should be recorded as follows by Avery: 17) On July 1, 2019, Allen Company signed a $100,000, one-year, 6 percent note, payable. 17. Course Hero is not sponsored or endorsed by any college or university. A. What are the 5 areas of front office department? Wages owed to employees who worked during the period. Warranty expense 0 What advice would you give someone who is structurally unemployed? Common stock 21,000 Gross Revenue Cash balance per bank $ 16,200 Or, if you own a pie shop, your business's operating revenue comes from selling the pies. Which of the following is not considered revenue? For example, a hotel might add a snack bar or a coffee counter to generate extra sales. continue reading , A cost center, also called a revenue center, is a group or department within a company that performs functions helpful to business operations but does not generate revenue directly. Totals $ 309,740 $ 309,740 A cost center is solely responsible for the incurrence of certain costs. It is the top line figure as it is shown first on the income statement of any company. see more , Answer and Explanation: d) Unearned Revenue is not a type of revenue. The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. People. The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. As these non-operating revenue sources are often unpredictable or nonrecurring, they can be referred to as one-time events or gains. see details , Some common examples of revenue accounts are sales, service revenues, rent income, interest income, etc. see details , Total Revenue = Quantity Sold x Price Take, for example, a leather craftsman who sells boots for $100 per pair. 45. B. not likely a warning sign of fraud, but the email should be deleted regardless. Useful life (years) 4 Investigation into economic offences and enforcement of economic laws. see more , A revenue control and management policy establishes proper control over all receipts and receivables and helps ensure sound financial management practices. The lease is appropriately recorded as a sale by ABC. What is the revenue allocated to product Y, if product X is termed as. Equipment with a cost of $200,000 has an accumulated depreciation of $100,000. The manager in revenue center is accountable for revenue only. read more , A revenue center is the business operation responsible for generating a company's sales revenue. A cleaner or maid is a basic cleaning service. Both X and Y, sell for $345 as a bundle. "new bot that is scraping our feeds, starting October 11th.". Cash received from the sale of land 4. 1, Which of the following is an example of accrued revenue? Governments should adopt a revenue control and management policy over revenues as an integral component of their overall financial policies. read more , Importance of Front Office Department: Traditional Front Office functions include reservation, registration, room and rate assignment, guest services, room status, maintenance and settlement of the guest account, and creation of guest history records. see more , Front office applications are primarily designed to automate most or all customer-oriented business processes. 43. 4) Which of the following best describes the stand-alone revenue-allocation method? , Unearned Service Revenue. Revenue is the earning that an enterprise has from its normal business pursuits, usually from the sale of commodities, and services to consumers. C. not likely a warning sign of fraud, and the email should be opened. Cost Center. 26. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. Example #1. MSP programs typically fall into one of three categories: master vendor, vendor neutral and hybrid. Which of the following is considered revenue? B) actual pounds of materials used were less than the standard pounds allowed. This preview shows page 1 - 3 out of 6 pages. Which of the following is not a proper application of the revenue realization principle? If you rent buildings and equipment, you can make revenue from the sales of those assets depending on how much you sold them for. In business, a revenue center is a division that gains revenue from product sales or service provided. d. revenue to be recorded only after the cash is received. Which of the following is an example of a revenue account? In other words, the sales generated by a business. 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University of La Salette - Cabatuan, Isabela, (ACCT2010)[2018](f)quiz~=yfitkjdm^_76323.pdf, California Polytechnic State University, Pomona, 1 1 pts Question 8 12422 621 AM Quiz 1 Chapter 1 6222 ITSY 1342 Info Technology, A No they are not authorized to shape the hair growth 59 Para 3 2 How should, Before one can engage in employing security guards or detectives for the purpose, HR Analytics - HR Worksheet #1(1) (1).docx, 14 15 A company makes 3 types of cable Cable A requires 3 black 3 white and 2, answer's test-Nacab11A_MuhdHafezBinAmran_2019740585.doc, Alternative techniques for resolving legal disputes without litigation include, Health promotion in minority populations.docx, yet made been made into a law This is one way forces have not helped the growth, Vulnerability to climate change can be reduced by Select one a Decreasing, Select one a P54000 b P84480 c P108643 d P78000 Feedback Your answer is correct, Concept Check What happens to the acceleration of an object if a the mass and, e Deliverables shall mean an item or items of work to be delivered by the, 2 Square meters for another type of monitor instead of 1 m2 for a flat monitor, Obtaining Blood Pressure One Step Method.docx, Dry pasta 60 to 120C Fresh pasta Between 40F and 75F Eggs 40 F or below Ripe, Question 1 What are the ramifications of failure to observe hygiene policies and, 71 A 3 phase wye connected induction motor operating on 20 volts has a pf of 70, Points Received 3 of 3 12 Question TCO 2 In a pooling of interests Your Answer, In the test they conducted non gamers failed to produce improvements in tested, Question 91 of 123 Question ID 1204582 When a regulatory agency requires a, ASSESSMENT TOOL Training Package Tourism Travel and Hospitality Training Package, Gates established in the development process where managers must evaluate. 14) Which of the following is an example of revenue or expense to be recognized in. The financing arm of an automobile maker or department store is a common example of an investment center. see details , Reviews: 88% of readers found this page helpful, Address: 6946 Schoen Cove, Sipesshire, MO 55944, Hobby: Web surfing, Rafting, Dowsing, Stand-up comedy, Ghost hunting, Swimming, Amateur radio. In accounting, the terms sales and revenue can be, and often are, used interchangeably to mean the same thing. What are the main sources of revenue for a business? Unearned services revenue 0 B. a credit to Depreciation Expense for $300. As the price of a good is often tied to. Allowance for doubtful accounts $ 850 Dividends 21,000 The company offers a warranty for the services it sells. A customer returns $870 worth of merchandise and receives a full refund. Answer:Explanation: Expenses are recorded when incurred in generating revenues and revenues are recorded when goods or services have been transferred to customers.Wages owed to employees for work during a period need to be recorded as an expense during that period.C C ) Wages owed to employees who worked during the period . There are two types of sales revenue: gross and net. What are the four types of responsibility centers? Suggest Corrections 3 Which of the following is an example of a revenue object A suppliers B products. The segregated view of the financial inflows and outflows enables organizations to track their financial performance and implement ways to keep up the same or improve it. ' view details , The Department of Revenue is mainly responsible for the following functions: - All matters relating to levy and collection of Direct Taxes. C) Wages owed to employees who worked during the period. The figure is usually reported for a fixed period generally by month, quarter, or year. All its landscaping work requires Everest to use landscaping equipment. Newark Company has provided the following information: Cash sales, $450,000 Credit sales, $1,350,000 Selling and administrative expenses, $330,000 Gross margin, $1,360,000, ABC Company leased a piece of equipment to a lessee on April 1, 2021. 7. 16) On December 31, 2019, Avery Corporation paid $10,000 for next year's insurance. D. likely a warning sign of fraud, and you should contact your bank. A truck is purchased and placed in service on January 1, 2021. Its cost is being depreciated with the straight-line method using the following facts and estimates. What are the main sources of revenue for a business? Capital is anything you invest on obtaining the raw materials required for creating the final product. How much interest, expense should be reported on the income statement for the year ended December, Access to our library of course-specific study resources, Up to 40 questions to ask our expert tutors, Unlimited access to our textbook solutions and explanations. All of the following are examples of revenue expenditures: Routine repairs of plant and machinery are regarded as revenue expenditure and they are charged to the Repairs and maintenance expense account. The following information in a through h applies to the company at the end of the current year. ______ 4. Interest revenue is reported as operating revenue and therefore increases operating income. These are overhead units, such as dietary and plant operations and maintenance, that provide necessary support services to revenue-producing centers. view details , Rent revenue. packaging and presenta Revenue recognition is an accounting principle that defines how and when a company can record its revenue. We will write a custom Essay on Audit of the Financial Statements With a Focus on Revenue specifically for you. Retained earnings 63,600 Cash received from investors from the sale of common stock 3. Example of this is an assembly area. [Related to the Apply the Concept on page 676] What advice for finding a job would you give someone who is frictionally unemployed? This textbook can be purchased at www.amazon.com. Cash collected from an account receivable. Long-term notes payable 26,000 Neither operating expenses, nor net income is affected. Prepare the statement of retained earnings (cash dividends during 2021 were $21,000), for 2021. Trucks 43,000 Prepare a single-step income statement for 2021. Which of the following statements is false when Mama June Pizza Company paid $47,000 cash on accounts owed to suppliers? Manuela: TikTok is coming to podcasting, or at least it looks to be that way from the breadcrumb trail of hints the company has left behind over the past year. 53. Better matches current costs with revenues. On September 1, 2021, the company is paid $15,900 cash in advance to provide monthly service for an apartment complex for one year. normal balance for these accounts are credit balances. 18. Revenue Center. Example: If a company sells $65,000 worth of widgets in December but allows the customer to pay 30 days later, the company's revenue for December is $65,000even though it hasn't received cash in December. It also buys machinery and equipment that costs a total of . Please join our expert from Aprotech (Kaspersky Subsidiary company) to explore the following items: How digital transformation improves your business How to make . Unadjusted Trial Balance Which is not a type of responsibility center? Key U.S. company policy changes focus on governance and board accountability, executive compensation, ESG and capitalization issues. Bad debts expense 0 Is housekeeping a revenue generating department? The $26,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. -To better understand if it was possible to consider opening more locations, Robert wanted to know how much equity he had in his business and used the followingtotals to help in his calculations: Brian is putting together a balance worksheet and just finished entering the balances of the general ledger accounts into the trial balance section of the worksheet. A Appreciation in the value of a fixed asset. 23. Rental income from a commercial property (notice the use of income) The sale of tickets to a concert. view details , Typically, revenue in the hospitality industry is generated through hotel room rentals, meeting space occupancy, and the sale of food or beverages. This problem has been solved! Both organizations can feasibly rely on overhead estimates. 3. Results in the highest cost of goods sold. 15. : snow removal services that has been provided and paid on the same day: an agreement that has been signed for snow removal services for the next three months: snow removal services that have been provided but have not been billed or paid Net Sales= Cash sales+Credit Sales-Sales R&A-Sales Discounts. Question: 39.which of the following is an example of revenue?A.cash received as a result of a bank loanB.cash received from investors from the sale of common stockC.cash received from Customers at the time services were providedD.cash received from the sale of land for its original selling price 40. Assume Bug-Offs adjusted balance for Merchandise Inventory matches the year-end physical count. Deposit in transit 3,000 What are the 2 types of housekeeping? Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $755. Profit center. December 31, 2021 ______ 2. The liquor monopoly was less profitable. Revenue is also mentioned and referred to as turnover or sales. Non-Revenue Sales are payments taken in advance of the delivery of the item or service (Ex: A deposit payment for a party or a gift card purchase). read more , The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . see more , Revenue can be divided into operating revenuesales from a company's core businessand non-operating revenue which is derived from secondary sources. Permission to access a resource is called authorization.. Locks and login credentials are two analogous mechanisms of access control. Revenues result in an increase in net income and additional paid-in capital. $ made from sales of merchandise. Which of the following is an example of revenue or expense to be recognized in the current period's income statement? The following are common types of revenue. Required: 44. income from interest, dividend, fees, fines, etc. 2022 Greenbayhotelstoday. The journal entry to write-off an uncollectible account receivable decreases operating income. 3) Which of the following is NOT one of the methods used to allocate the revenues of a bundled, Get answer to your question and much more. Revenue models often get conflated with revenue streams, probably because each is a single revenue generation source. Cleaner or Maid. Revenue, also known as gross sales, is often referred to as the "top line" because it sits at the top of the income statement. view details , Revenue is the money generated from normal business operations, calculated as the average sales price times the number of units sold. When the cash was received, the full amount was credited to the Extermination Services Revenue account. Which of the following factors do not impact brand image? D Realized gain resulting from the discharge of an obligation at less than its carrying amount. C Royalties receivable. What are the 2 main types of cost centres? Which of the following is not a type of revenue? For the year 2021, its sales were as follows: 100,000 type 1 printers were sold for an average price of $1,000 each, 80,000 type 2 printers were sold at an average price of . During January, the following selected transactions occurred. Shark Corporation's overhead costs are a larger proportion of its overall costs than Duck Company's overhead cost proportion. The company began providing the services in September. Credit card discounts are reported as operating expenses on an income statement. Original cost $ 29,200 $ 22,400 This document is a collection of available data on solid waste management in Latin America and the Caribbean (LAC). Theoretical capacity is based on which of the following assumptions ? 8. During this webinar, we will demonstrate the value of digital transformation for business, highlight the relevant cyber risks, and explain how companies can protect themselves. 22. Wages expense 46,000 Which of the following centers is responsible for sales revenue? Gross profit is calculated as gross sales less cost of sales. 19, 0. Variable costs: This type of expense is one that varies depending on the company's needs and usage during the production process. c. expenses to be matched with revenue of the period. What are the 4 source of food and beverage revenue? A few companies get revenue from royalties, other fees, or interests.. read more Which of the following is an example of a revenue account? Read in-depth answer here. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. 54. Most recently, in Monday's edition of Podnews, James Cridland reported podcast hosting company Audiomeans has spotted a. justed trial balance as of December 31, 2021. Is sales An example of revenue? 5) The best method to determining weights for the stand-alone revenue-allocation method is: A) selling prices revenue-allocation method because the weights explicitly consider the prices customers are willing to pay for the individual products B) unit cost revenue-allocation method because it can be used on all occasions C) the direct revenue-allocation method since selling prices or unit . What are the three 3 hospitality Resources? Yields the highest net income. Correct (reconciled) ending balance of Cash; and the amount of the omitted check. Is housekeeping a revenue center in a hotel? Final Paper Example; Docx - HIS 104 - Essay on Cultural Influence on Women's Political Roles in Rome and; Chapter 5 Lecture notes; . Contra revenue (sales return and sales discount) read more , Types of revenue include: The sale of goods, products, or merchandise. 21. Answer: A housekeeping department contributes towards earning hotel revenue by keeping the hotel clean, fulfilling needs of customers and keeping the customers satisfied with the service. End of preview. Cash received from a bank loan 2. Assume a period of increasing costs. Interest expense 0 Which of the following is not a type of revenue? Which of the following costs is most likely to be the largest expense reported on the income statement of a merchandiser such as Wal-Mart Stores? Example of Fixed Assets. Which of the following statements does not properly describe the accrual basis of accounting? Lying about stock values to get consumers to invest is known as ____ fraud. The expected cost of providing warranty service is 2.50% of the extermination services revenue of $71,400 for 2021. Which of the following does not correctly describe the effect of a credit card discount? All costs of servicing warranties in 2021 were properly debited to the Estimated Warranty Liability account. Expenses are recorded when incurred in generating revenues and. Example of revenue expenditure A company called A&J spends 100000 BDT on a machine used for the production of goods. Which of the following statements is true? 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C. a credit to Building for $300. You might see both on an income statement. see details , Some companies inaccurately use the terms sales and revenue interchangeably. Which of the following centers is responsible for sales revenue? The first of 8, susan's stationery sold goods that cost $42000, and had expenses that totaled $5600. The ending inventory of merchandise is counted and determined to have a cost of $13,900. 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