Multiple Choice Questions on In case of gold revenue is recognized in the accounting period in which the gold is ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

In case of gold revenue is recognized in the accounting period in which the gold is ........

General Accounting Principles Concepts of Accounting
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    In case of gold, revenue is recognized in the accounting period in which the gold is

    This questions was previously asked in
    EPFO AO EO 2017
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    delivered

    Incorrect Answer

    sold

    Incorrect Answer

    mined

    Correct Answer
    identified to be mined
    Incorrect Answer
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    Explanation:

    In accounting for gold, revenue is recognized in the period when the gold is mined, not when it is sold. This is because the gold's value is realized at the point of extraction from the mine.

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    Shivanand Pandurang Nimbolkar

    sure??

    0 0 reply

    Ankur sharma

    Yes, gold in the accounting period which it is mined will be considered for revenue recognition.

     0 0 reply
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