Which of the following are revenues? • 1. Provided a cleaning service and received $200 cash...

Which of the following are revenues? • 1. Provided a cleaning service and received $200 cash 2. Earned $400 interest on bank deposit, amount not yet paid by the bank 3. Provided management services to client. The fee for this service has been received in advance 4. Received $2000 deposit for goods to be delivered in the future

Expert Solution

Revenue can be recognised when there is no uncertainty in its collection.

When there is any uncertainty in its collection , it is to be postponed until it becomes certain.

In the given cases case 1 can be recognised as a revenue as there is no uncertainty in its collection as the cash has already been received.

In case 2 the interest is being generated from the deposit and even the bank should pay the customer interest for the deposit. Hence the collection is certain. Hence it can be recorded as a revenue.

In the third case we have received the amount as a advance and should be recorded as advance received from the client and recognised as revenue when the performance is done in a partial way and if not possible,completely after the service is done.

In the fourth case,the deposit for goods to be delivered in future is to recorded as a liability as deposit from the client and recognized as revenue after the goods are delivered.

ekkarill92 answered 9 months ago

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