Answered step by step
Verified Expert Solution
Question
1 Approved Answer
YPC is an accountancy training company based in R-land. While preparing the accounts you are looking at the revenue figures. Typically, students enrol for a
YPC is an accountancy training company based in R-land. While preparing the accounts you are looking at the revenue figures. Typically, students enrol for a six-month course which covers three modules. A separate, final module allows students to complete a full level of the qualification. Payment is made in advance for all four modules. What is the timing of when revenue should be recognised in the financial statements? Solution A.For all four modules when payment is received. B.First three modules when payment is received and the final module when that course starts. C.When each module has been completed. D.When the first three modules are completed and when the final module starts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started