The ______________ Principle Gives Accountants Guidance as to When Revenue

question 67

Short Answer

The ______________ principle gives accountants guidance as to when revenue is to be recorded.

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Definitions:

Profit/(Loss)

The financial result of business operations, calculated as revenues minus expenses. A positive figure indicates profit, while a negative figure indicates loss.

General Reserve

Funds set aside out of profits by a company to strengthen the financial position and to meet future unknown liabilities or losses.

NCI Journal

Journal entries related to Non-Controlling Interest, representing the equity in a subsidiary not attributable to the parent company.