Which of the following statements is true? I. Loss from theft is classified a a nonreciprocal transfer.; II. Internal events are changes in economic resources by actions of other entitie that do not involve transfers of resources and obligations.; II. Nonreciprocal transfers involve the transfer of resources in only one direction, either from an entity to other entities or from other entities the entity.: IV. Internal events are sudden, substantial, unanticipated reductions in resources not caused other entities.; V. Fire, earthquake ar flood are examples of accountable events classified as internal events. O I, II, III and V O 1, IIl and V O II, II, IV and V O 1, II, IV and V
Which of the following statements is true? I. Loss from theft is classified a a nonreciprocal transfer.; II. Internal events are changes in economic resources by actions of other entitie that do not involve transfers of resources and obligations.; II. Nonreciprocal transfers involve the transfer of resources in only one direction, either from an entity to other entities or from other entities the entity.: IV. Internal events are sudden, substantial, unanticipated reductions in resources not caused other entities.; V. Fire, earthquake ar flood are examples of accountable events classified as internal events. O I, II, III and V O 1, IIl and V O II, II, IV and V O 1, II, IV and V
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10MC
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Question
![Which of the following statements is
true? I. Loss from theft is classified as
a nonreciprocal transfer.; II. Internal
events are changes in economic
resources by actions of other entities
that do not involve transfers of
resources and obligations.; II.
Nonreciprocal transfers involve the
transfer of resources in only one
direction, either from an entity to
other entities or from other entities to
the entity.: IV. Internal events are
sudden, substantial, unanticipated
reductions in resources not caused by
other entities.; V. Fire, earthquake and
flood are examples of accountable
events classified as internal events. *
O 1, I1, Ill and V
I, IlI and V
II, II, IV and V
1, III, IV and V](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faeab0c9a-addd-46b2-99fc-8c8afdba4cba%2F2a20846c-3be4-41cb-b127-2fc6c6897a6e%2Fgb90wnq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is
true? I. Loss from theft is classified as
a nonreciprocal transfer.; II. Internal
events are changes in economic
resources by actions of other entities
that do not involve transfers of
resources and obligations.; II.
Nonreciprocal transfers involve the
transfer of resources in only one
direction, either from an entity to
other entities or from other entities to
the entity.: IV. Internal events are
sudden, substantial, unanticipated
reductions in resources not caused by
other entities.; V. Fire, earthquake and
flood are examples of accountable
events classified as internal events. *
O 1, I1, Ill and V
I, IlI and V
II, II, IV and V
1, III, IV and V
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