Economic events that require recording...
Economic events that require recording in the financial statements are called accounting
transactions.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective,
AICPA FC: Measurement, AICPA PC: None, IMA: FSA
2. Revenue increases stockholdersâ equity and should be recorded whenever cash is received from
customers.
Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective,
AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
3. Collection on an account receivable will increase both cash and accounts receivable.
Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective,
AICPA FC: Measurement, AICPA PC: None, IMA: FSA
4. The payment of a liability decreases both cash and accounts payable.
Ans: T, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective,
AICPA FC: Measurement, AICPA PC: None, IMA: FSA
Author | ExamPro |
Published | 30 Jul 2024 |
Included files | |
Financial Reporting Financial Statement Analysis a...
2024 Financial Statement Analysis 11e Latest solut...
2024 Forensic Accounting 1e Robert Rufus Laura Mil...
Intermediate Accounting (Volume 1) 2024, 8th Canad...
Intermediate Accounting, 3e Elizabeth Gordon, Jana...
Hospitality Industry Financial Accounting 4e Raymo...
TEST BANK for Nuclear Systems Volume 1: Thermal Hy...
Lewis's Medical-Surgical Nursing, Mariann M. Hardi...
Nursing The Art and Science of Person-Centered Car...
Test Bank for Operations Management 11th Edition B...