Multiple choice all of tile anrecorded for accounting purposes?The event must be an arm's-length transaction.b. The event must be repeatable in a future period.The event must be measurable in financial terms.d. The event must be disclosed in the reported footnotes.a.C.20. The balance in a deferred revenue account represents an amount thatEarnedCollecteda.YesYesNo.Yesb.YesC.ONd.NO.NO.

Solution 19: As per money measurement concept, a business should only record an accounting…

19. Which of the following criteria must De recorded for accounting purposes? The event must be an arm's-length transaction. b. The event must be repeatable in a future period. The event must be measurable in financial terms. pinous a. C. be disclosed in the reported footnotes.

19. Which of the following criteria must De recorded for accounting purposes? The event must be an arm's-length transaction. b. The event must be repeatable in a future period. The event must be measurable in financial terms. pinous a. C. be disclosed in the reported footnotes.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 1PA: Identify whether each of the following transactions, which are related to revenue recognition, are...

See similar textbooks

Related questions

Q: P3,000 9. Dungeon Company paid the monthly rent, P6,000. The accountant would record the following…

A: A journal entry is a record of a transaction happened in a entity in the the books of such entity…

Q: 14. Expenses other than cost of goods sold, that are incurred in the entity's major line of business…

A: Since there are multiple questions, we will answer only the first question. If you want the…

Q: 6. Errors can occur for which of the following reason(s)? a. Arithmetic b. Recording two debits and…

A: Answer - 6. Error can occur for which of the following reasons - Correct Option - Option D -All of…

Q: Accounts Receivable would be shown on the 3. debit side of the trial balance a. credit side of the…

A: Trail balance is the statement which shows the balances of the ledger accounts. This statements…

Q: 8 The trial balance will not expose which of the following problems? a. Recording half an entry b.…

A: Hi student Since there are multiple questions, we will answer only first question

Q: 14. Which of the following accounts is not used to account for merchandise sales transactions? a.…

A: The term Merchandise means activity which increases sales especially increase sales from retailer to…

Q: 9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect…

A: Direct material is that which a firm used in production process and it can be directly related to…

Q: If the fixed cost for a product decrease and the variable cost (as a percentage of 8. peso sales)…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Derst Inc. sells a particular textbook for $36. Variable expenses are $29 per book. At the current…

A: Formula: Contribution Margin per Unit =( Sale Price per Unit - Variable Expense per unit) =…

Q: 4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question.

Q: J.M. Paculan, withdrawals Sales discounts 000 T 000's 000'S 000 000'LL Purchases Ending inventory…

A: Cost of goods available for sale represents the cost of goods available for sales during the period.…

Q: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Give worksheet, determine the net income or loss for the period: Income Statement Balance Sheet…

A: Financial statement of a business organisation consists of following two types of statements: 1)…

Q: 16. Gross profit per unit is a. P11.00 b. P 15.00 c. P 16.00 d. P 24.00 17. Operating income is a. P…

A: Gross profit means the difference between the sale revenue and cost of goods sold where as operating…

Q: 11. An investment requires you to make a $2000 deposit at the end of the year and each subsequent…

A: Annuity refers to series of equalized payments that are either received at end or start of specific…

Q: e journal. 1. Lohan Company had the following account balances as of June 30. Cash P29,000 Equipment…

A: Solution 11: Debit balance of trial balance is total of all accounts having normal debit balance.

Q: 10. You deposit $10,000 into an account. Five years later you make annual deposits of $1,000 into…

A: given, PV = $10,000 N = 15 A= $1000 I=4% N=10 YEARS

Q: Which of the following statements about manufacturing cost flows is false? a. Direct materials,…

A: As per our protocol we provide solution to the one question only but you have asked two multiple…

Q: Bonds payable (maturing in 5 equal annual installments of P400,000) 2,000,000 Reserve for…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Sorin Inc., a company that produces and sells a single product, has provided its contribution format…

A: Contribution margin per unit = Total Contribution margin / no. of units sold = $46872/3100 units =…

Q: 10. Using the following information, what is the amount of net sales? P28,000 Purchases Merchandise…

A: >Sales is the main source of revenue of manufacturing or merchandising business. >Sales can…

Q: Alexis Company operated at normal capacity during the current year producing 50,000 of its single…

A: The term "break-even point" alludes to the moment or condition at which a company is not making a…

Q: . Net income plus operating expenses is equal to (assume there are no other income and expenses). a.…

A: Solution: 16 Cost of merchandise sold is equal to Net Income minus Gross Profit Cost of goods…

Q: 1. Lucy Sportswear manufactures a specialty line of T-shirts. The company uses a job-order costing…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 14. Which of the following is not true? The capital account would be increased with a debit. a. h…

A: Lets understand the nature of the accounts provided in the question. Capital accounts is prepared to…

Q: multiple choice

A: In this given scenario the individual has bought the building and the building has completed on 15…

Q: A ratio is simply the relationship between * nominal numbers multiple numbers two numbers ranges

A: Introduction:- Ratio analysis is used to interpretation or analysis of the company's financial…

Q: Sales revenue min a. gross margin income from c b. C. cost of goods d. net sales

A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

Q: 5. Merchandise inventory is classified on the balance sheet as a a. Current Liability b. Current…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: Liabilities* return on assets current ratio asset turnover AR turnover

A: The ratio analysis helps to analyse the financial statements of the business.

Q: MULTIPLE CHOICE 1. Indirect material cost is a Conversion cost Prime cost No a. No b. No Yes Yes C.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 4. As production takes place, all manufacturing costs are added to the: a. Work-in-Process Inventory…

A: Lets understand the basics. Work in progress inventory account is a account which shows that, how…

Q: Schister Systems uses the following data in its Cost-Volume-Profit analyses: Total Sales $350, ee0…

A: In order to determine the contribution margin, all the variable expenses are required to be deducted…

Q: d gross sales The term "inventory" indicates materials in the process of production or held for…

Q: Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a.…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

Q: 6. When posting from the journal to the ledger, the accountant failed to pos debit to Cash. The…

A: Lets start with basic understanding. Journal entry is made by the entity to record the financial…

Q: 17. For the merchant, bank credit card sales are treated in a manner similar to a. sales on account.…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Question

Multiple choice

all of tile an
recorded for accounting purposes?
The event must be an arm's-length transaction.
b. The event must be repeatable in a future period.
The event must be measurable in financial terms.
d. The event must be disclosed in the reported footnotes.
a.
C.
20. The balance in a deferred revenue account represents an amount that
Earned
Collected
a.
Yes
Yes
No.
Yes
b.
Yes
C.
ON
d.
NO.
NO.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Use the list of concepts given to match the description of the concept to the concept.
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp
Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.
41. Realization of revenue occurs when a. the item is formally recorded and reported in the financial statements b. noncash resources are converted into cash or rights to cash c. the actual exchange of noncash resources into cash С. d. when a transaction is both realized and realizable 42.A revenue recognition method that recognizes revenue before the time of sale is a. percentage-of-completion b. installment c. cost recovery d. point of sale С.
Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
Liabilities are Select one: O a. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O b. any accounts having credit balances after closing entries are made. O c. obligations to transfer ownership shares to other entities in the future. O d. present obligations arising from past events and results in an outflow of resources.
16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accounts
Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
2 3 1 4 5 7 8 9 10 12 Depreciation Expense Accumulated Depreciation Uneamed Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue