{"id":46851,"date":"2024-04-15T22:18:22","date_gmt":"2024-04-15T22:18:22","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=46851"},"modified":"2024-04-15T22:18:22","modified_gmt":"2024-04-15T22:18:22","slug":"match-list-i-with-list-ii-and-select-the-correct-answer-list-i-list-ii-a-measurement-of-income-1-accrues-to-the-equity-of-owners-b-recognition-of-expense-2-recognition-of-revenue-c-basis-of-real","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-list-i-with-list-ii-and-select-the-correct-answer-list-i-list-ii-a-measurement-of-income-1-accrues-to-the-equity-of-owners-b-recognition-of-expense-2-recognition-of-revenue-c-basis-of-real\/","title":{"rendered":"Match List-I with List-II and select the correct answer: List-I List-II a. Measurement of income 1. Accrues to the equity of owners b. Recognition of expense 2. Recognition of revenue c. Basis of realization 3. Matching revenue with expenses d. Identification of revenue 4. Accounting period"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-2, c-3, d-4&#8243; option2=&#8221;a-2, b-1, c-3, d-4&#8243; option3=&#8221;a-3, b-4, c-1, d-2&#8243; option4=&#8221;a-3, b-4, c-2, d-1&#8243; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is: D. a-3, b-4, c-2, d-1<\/p>\n<p>a. Measurement of income: Accrues to the equity of owners. This means that income is recognized when it is earned, regardless of when it is received.<br \/>\nb. Recognition of expense: Matching revenue with expenses. This means that expenses are recognized in the same period as the revenue they generate.<br \/>\nc. Basis of realization: Accounting period. This means that income and expenses are recognized in the period in which they occur, regardless of when they are received or paid.<br \/>\nd. Identification of revenue: When a performance obligation is satisfied. This means that revenue is recognized when the seller has transferred control of the promised goods or services to the buyer.<\/p>\n<p>Here is a more detailed explanation of each option:<\/p>\n<ul>\n<li>a. Measurement of income: Accrues to the equity of owners. This means that income is recognized when it is earned, regardless of when it is received. For example, if a company sells goods on credit, it will recognize the revenue from the sale when the goods are shipped, even if the customer does not pay for them until later.<\/li>\n<li>b. Recognition of expense: Matching revenue with expenses. This means that expenses are recognized in the same period as the revenue they generate. For example, if a company incurs costs to produce goods that are sold on credit, it will recognize the expense of those costs in the same period as the revenue from the sale.<\/li>\n<li>c. Basis of realization: Accounting period. This means that income and expenses are recognized in the period in which they occur, regardless of when they are received or paid. For example, if a company incurs costs to produce goods that are sold in the following period, it will recognize the expense of those costs in the current period.<\/li>\n<li>d. Identification of revenue: When a performance obligation is satisfied. This means that revenue is recognized when the seller has transferred control of the promised goods or services to the buyer. For example, if a company sells goods on credit, it will recognize the revenue from the sale when the goods are shipped to the buyer.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-2, c-3, d-4&#8243; option2=&#8221;a-2, b-1, c-3, d-4&#8243; option3=&#8221;a-3, b-4, c-1, d-2&#8243; option4=&#8221;a-3, b-4, c-2, d-1&#8243; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-46851","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match List-I with List-II and select the correct answer: List-I List-II a. 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Measurement of income 1. Accrues to the equity of owners b. Recognition of expense 2. Recognition of revenue c. Basis of realization 3. Matching revenue with expenses d. Identification of revenue 4. Accounting period","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-list-i-with-list-ii-and-select-the-correct-answer-list-i-list-ii-a-measurement-of-income-1-accrues-to-the-equity-of-owners-b-recognition-of-expense-2-recognition-of-revenue-c-basis-of-real\/","og_locale":"en_US","og_type":"article","og_title":"Match List-I with List-II and select the correct answer: List-I List-II a. Measurement of income 1. Accrues to the equity of owners b. Recognition of expense 2. Recognition of revenue c. Basis of realization 3. Matching revenue with expenses d. Identification of revenue 4. 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