FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264899180
Author: Wild
Publisher: MCG
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What are the main sections on a balance sheet?
Assets, liabilities, income
Assets, liabilities, equity
Assets, liabilities, expenses
Assets, gains, revenue
2. The main Purpose of Financial Accounting is?
To Provide financial information to shareholders
To maintain balance sheet
To minimize taxes.
To keep track of liabilities.
A company that uses the cash basis of accounting will:
Record revenue when it is collected.
Record revenue when it is earned.
Record revenue at the same time as accounts receivable.
Record bad debt expense on the income statement.
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