The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.

Question

Raul Calhoun

Business

28 August, 08:59

The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.

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Answers (2)

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Philip Sanford · Answer 1

FALSE

Explanation:

It is false that the accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.

The matching concept stipulates that the revenue earned in a particular year must be reported in the year it is earned and must be matched with the expenses incurred to earn such revenues

Marlene · Answer 2

False

Explanation:

Accounting concept states that only financial transactions will find a place in accounting. So only those business that can be expressed in monetary terms will be recorded in accounting. Any other transactions, no matter how significant, will not find a place in the financial accounts.

Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.