Revenue will be recognized when the following occurs as a result of a business activity with a customer: a) There is an increase in assetsb) There is an increase in liabilities c) There is a decrease in assetsd) none of these

Q: Revenues come from sales of goods and services to customers and result in A.decreased assets or…

A: Revenue is the amount earned by the company from the sales of goods or services. Generating revenue…

Q: Liabilities and Revenues O Are decreased by debits and increased by credits Are decreased by both…

A: The different accounts in the business have debit or credit balance. According to the rules of…

Q: Payment of a divdend will :  A. Decrease net income  B. Increase net income  C. Decrease retained…

A: when companies earn income they share income with shareholders by way of dividend.

Q: Earnings per share should be reported separately for   a).depreciable assets. b).discontinued…

A: Earning per share (EPS): It is the financial ratio where earning capacity of a share is calculated…

Q: Accounting type Question: Income received in advance is a A. An asset B. An income C. A liability D.…

A: Income received in advance is accounted for as a liability because the amount received cannot be…

Q: Factors that reflect the ability of a business to pay its debts and earn a reasonable amount of…

A: Financial ratios refer to the ratios which are calculated by comparing the two figures of the…

Q: 3. Regarding the underlying conceptual basis of accounting for compensated absences, review the…

A: Compensated absences refer to paid time off provided to employees by their employer, such as…

Q: revenues ew less than expenses, what results on the income statement? What impact does an increase…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: Withdrawals by an owner are found on the income statement as an expense True False

A: The income statement indicates the profitability of the company. The income statement contains the…

Q: does a cancellation of a service affect the companys balance sheet or book value?

A: Cancellation of service affect the company's balance sheet or book value : Some of the contracts…

Q: When a company provides a service to a customer but has not yet received payment, what type of…

A: As per accrual basis of accounting, revenue is to be recognized as and when earned and expenses as…

Q: entry to record sales on account is not posted: O Stockholders' equity will be overstated.. O Assets…

A: There may be some cases wherein the Debit and credit side of trial balance is not matched in trial…

Q: A company is permitted to recognize revenue over a period of time? O True O False

A: Solution- Revenue is recognize when seller transferred  control of goods or services  to customers .…

Q: Expenses recognized in the wrong accounting period: What does it mean when a company may delay…

A: Delaying the recognition of an expense by recording it as an asset is a common accounting practice…

Q: Multiple choice: 1. Which if the following us correct concerning a T account? A. The left side is…

A: The T-accounts are prepared with posting of journal entries to specific accounts.

Q: Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson…

A: Accrual basis of accounting provides that Revenue as well as Expenses will be recorded as and when…

Q: What assumption states that a business is able to financially continue operations and is not…

A: Accounting Principles- Accounting principles are the set of rules or principles defined for the…

Q: An expense represents a liability a cost of doing business none of the above a withdrawal

A: Liability represents the amount which will be paid by the entity in future as a result of present or…

Q: Unearned revenue occurs when: A) Customers pay after receiving a service B) Customers pay in advance…

A: Unearned Revenue is a Current liability.

Q: What does deferred revenue generally represent on the balance sheet? Amounts that have been invoiced…

A: Deferred revenue refers to the money a company receives in advance for goods or services that it has…

Q: ccording to Generally Accepted Accounting Principles (GAAP), revenue is ncome when: a contract is…

A: According to Generally Accepted Accounting Principles (GAAP), Revenues are recognized as income when…

Q: An expense represents a liability a cost of doing business none of the above a withdrawal

A: Every person starts a business to make a profit. But before making any profits and income,…