Under the accrual basis of accounting, revenues are recognised in the accounting period in which -

Q. All items of revenue concerning current year - whether received in cash or not - and all items of expenses - whether paid in cash or not - are considered in which account ?

Q.

Roshan,a Chartered Accountant earned Rs.12,00,000 during the financial year 2015-2016,out of which he received Rs.10,50,000.He incurred expenses of Rs.5,10,000,out of which Rs.1,20,000 are outstanding.He also received his fees relating to previous year Rs.1,35,000 and also paid Rs.60,000 due on expenses of last year.Find out Roshan's income for 2015-2016 following the cash basis and accrual basis of accounting.

Q. As per ______ concepts in order to determine the profit earned or loss suffered by the business in a particular defined accounting period, it is necessary that expenses of the period should be matched with the revenues of that period.

Q. Match List-I with List-II and select the correct answer using the codes given the lists.

List-I	List-II
I. Income measurement	(a) Accrues to owner's equity
II. Expense recognition	(b) Revenue recognition
III. Basis for realisation in accounting	(c) Matching revenues
IV. Recognised revenue	(d) Accounting period

Q. From the following information, calculate Opening and Closing Trade Receivables, if Trade Receivables Turnover Ratio is 3 Times:
(i) Cash Revenue from Operations is 1/3rd of Credit Revenue from Operations.
(ii) Cost of Revenue from Operations is ₹3,00,000.
(iii) Gross Profit is 25% of the Revenue from Operations.
(iv) Trade Receivables at the end are 3 Times more than that of in the beginning.