Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. Revenues would be increased, so equity is increased. B. To enter transactions on the left side of a T-account means you will_____ (debit/credit) the account and will cause a(n)______(decrease/increase) in an asset account. (Check all that apply). Merchandise inventory refers to products a company owns and intends to sell. B) Revenues decrease ownerââ¬â¢s equity, so a revenue accountâs normal balance is a debit balance. (a) Balance Sheet (b) Income Statement (c) Statement of Cash flows (d) Bank Statement . c. Some small companies use the cash basis of accounting. 1)Which of the following statements are true regarding the time orientation of financial statements? Which of the following are accurate statements regarding how to report or treat prepaid accounts? The program is totally funded by federal tax revenues. Which of the following statements is true regarding the reporting of discontinued operations? The accountant usually recognizes revenue before the seller acquires the right to receive payment from the buyer. True or False. B) under conditions of perfect competition, MRP equals marginal physical product multiplied by the product's price. Revenues increase equity, so to increase a revenue account, you would debit it. When the product or service related to an unearned revenue is delivered, the earned portion of the unearned revenue is transferred to a _____ account. Revenues decrease Forman's stockholders' equity. Both revenue accounts and expense accounts are subcategories of assets. A. Fund-based financial statements report a government's activities and financial position as a whole. Adjustments for accounts that affect revenues are handled in opposite ways when using the direct versus the indirect method. - The left side is called the debit side. (B) It arises from selling units at a price that is higher than the marginal cost. The income statement shows the results of a companyâs operations at a specific point in time. (Check all that apply). A) Owner, Withdrawals is increased on the left side of the T-Account. a. Play Again! (i) According to the revenue principle, a company should not record the revenue from a transaction until it is actually received in cash. Which of the following best and fully describes a general ledger? Which of the following statements is accurate regarding the Building account? Revenue must be substantially earned before it is recognized. The focus is on when the firm has earned the consideration to which it is entitled. Which of the following statements is true regarding fund-based financial statements? (Check all that apply.). Question 18 : Consider the following statements regarding taxation: The tax structure is designed according to the ability of the people to pay taxes. Given the descriptions below, which are true regarding notes receivable? ~Your answer is correct. a. the incidence of a tax depends upon whether the buyers or the sellers are required to remit tax payments to the government. Which of the following statements is correct regarding the imposition of a tax on gasoline? To be relevant, a cost or revenue must be future-oriented and must differ between the alternatives. c.the amount of tax revenue raised by the tax depends ⦠A T-account represents a ledger account and is a tool used to understand the effects of one or more transactions. Kamins were the landless peasants who often belonged to the untouchable class.2. -A liability can be settled by transferring assets or providing products or services to others. b. ), Which of the following are examples of prepaid (expense) accounts? A) Assets are recognized when the underlying exchange (retail sale) has occurred or when resources are received, whichever occurs first. (Check all that apply. (Check all that apply.). The correct definition of an "account" includes which of the following? Which of the following statements are correct regarding unearned revenues? IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. An account is a record of increases and ______ in a specific asset, liability, equity, revenue or expense. (A) It is the difference between total cost and total revenue. Which of the following statements is true regarding the reporting of revenues in an interim report? Select the correct answer using the codes given below: a) 1 only. 2. asked Jul 14, 2016 in Economics by Kayla90. a. The following statements regarding merchandise inventory are true except: Merchandise inventory is reported on the balance sheet as a current asset. Which of the following statements best describes the purpose of the Owner, Capital account? Which of the following accounts decrease due to a debit? Which of the following statements is (are) correct regarding the effect of debiting or crediting accounts? Which of the following statements about the Owner, Withdrawal account is (are) correct? Expenses are increased, so equity is decreased. Answer : b.
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