COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Costs incurred with revenues
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Amounts earned from selling products or services
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Amounts earned from revenues less expenses incurred
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Occurs when expenses are more than revenues
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Detailed explanation-1: -Revenue is the money generated from normal business operations, calculated as the average sales price times the number of units sold. It is the top line (or gross income) figure from which costs are subtracted to determine net income. Revenue is also known as sales on the income statement.
Detailed explanation-2: -Sales revenue is the income a business generates from the sale of goods or services. It’s recognized on the income statement for the month when the product is delivered or the service is fulfilled.
Detailed explanation-3: -Service The provision of the service results in the so-called revenue or commission revenue, and companies that provide a product, the result of which is sales revenue.
Detailed explanation-4: -Revenue, also called income, is the amount of money brought into the company, typically by selling goods, products, or services.