which of the following statements is true of revenues

C Spruce City's finance department recorded the recently adopted General Fund budget at the beginning of the current fiscal year. Which of the following best identifies when an encumbrance is recorded? C) franchises are privileges granted by a business to sell goods or services under specified conditions. Most PCs manufactured in China use microprocessor chips . OB. 1. The sale of merchandise for cash on December 30. D (3) Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. B Record Wage Expense that is incurred and paid in the same period. which of the following will be categorized as an investing activity on the statement of cash flows? D 4. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. forecast revenue. The accounts are adjusted after preparing the financial statements. 2- Which of the following causes a . which of the following assets must be reported at the lower-of-cost-or-market value? 7. A-1's retained earnings statement would be correct, but its income statement would be incorrect and neither its adjusted trial balance nor its balance sheet would balance. a. B Meadows Manufacturing follows the accrual basis. b. D (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. B -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. The magazines will begin to be delivered in October 2019. Credit Cash $12,420. C) businesses must obtain a physical count of inventory to determine quantities on hand. Dictates that companies record assets at their cost. Unincorporated Businesses: 7.5% on assessable profits up to $2,000,000; and 15% on any part of assessable profits over $2,000,000. Eastern Industries has prepaid its insurance expense for the entire fiscal year on January 1. 1. B c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. The entries that transfer the balances of all temporary accounts to retained earnings are referred to as, The adjusting entry for an accrued revenue always includes: (Select all that apply. Meadows Manufacturing has a March 15th year-end date. a. Appropriations. Cash flows from operations may be higher than expected for the company's sales. Selected year-end financial statements of Cabot Corporation follow. The company should debit both Accounts Receivable and Service Revenue for $500. None of the answers are correct. D) usually reported in the notes to the financial statements. preparing all adjusting entries. When goods produced are homogeneous. But increased competition has slowed their growth rate in the past few years. Supplies ordered by the Public Works function of the General Fund were received at an actual price that was less than the estimated price listed on the purchase order. It was determined that $2,200 of the Prepaid Insurance had expired. A C) The terms "revenue" and "profit" can be used interchangeably. On December 31, 2022, before any year-end adjustments, Canterbury Shoe Repair's Prepaid Insurance account had a balance of $3,500. Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? Interest Payable $825 Innovative has violated GAAP because generally accepted accounting principles require that companies use cash-basis accounting. Interest and penalties on delinquent property taxes. (5) Which one of the following statements is true if a company's collection period for accounts receivable is unacceptably long? 6. Debit Notes Payable $12,000 Debit Interest Expense 420 C) quickly an asset may be converted into cash. B Human trafficking is the trade of humans for the purpose of forced labour, sexual slavery, or commercial sexual exploitation for the trafficker or others. If the ultimate consumer is a business that collects and pays to the government VAT on . If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? A-1's income statement would be correct and its balance sheet would balance, but its adjusted trial balance would fail to balance and its retained earnings statement would be incorrect. Traffic tickets. After the adjusting entries have been completed, the adjusted balance in the Supplies Expense account represents the cost of supplies: ____________ is an allocation of the cost of buildings, vehicles, and equipment to expense over time as they are used. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? D) the owners of a corporation are called stockholders. B) amounts paid to make the asset ready for its intended use, A) represents a credit relationship with another company or governmental entity, and typically pays interest for a fixed period. A See Page 1. The post-closing trial balance helps to verify that: (Select all that apply.). Which of the following statements is true about revenue? C A which of the following statements is incorrect? (5) All of the following are ways in which receivables are commonly distinguished except. $18,200 A prepayment that is originally recorded as an asset will be ______. A. (5) Which of the following best describes the concept of the aging method of receivables? Liabilities are economic resources that are expected to benefit the business in the future. 2. Accounts Payable Testbank practice questions 11 88: resource managemem fn: decision making accessibility: keyboard navigation blooms: understana difficulty: eas:r leaming C 36) In reviewing the T-account for Accounts Receivable, you find that the beginning balance is zero, the. Accident investigation. $$ c. The Actual column is required to be presented using the government's budgetary basis of accounting. Payment is expected during the first week of January. If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? A The project was completed on December 31 with payment due in 30 days. CS a. D Which of the following is correct concerning the presentation of the budgetary comparison schedule? This type of budgetary control is achieved by reviewing: c. Appropriations minus the sum of expenditures and outstanding encumbrances. B Interest Expense $137.50 Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. Compute the following: (1) current ratio, (2) acid-test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders equity. B Accrual-basis accounting follows the fiscal year assumption. C The result of this oversight is that Using a very aggressive marketing strategy they have been able to increase their annual revenue by approximately $\$10$ million over the past 10 years. c. Variable costs are direct costs; only . The rent agreements on both buildings went into effect on the dates the rents were prepaid. c. The Actual column is required to be presented using the government's budgetary basis of accounting. (Enter one word per blank.). \$201 + \$743 + \$6198 _____________ is defined as the "cost of borrowing money." revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. The University of Michigan was founded on the 26 of August, 1817, as the Catholepistemiad, or the Catholcpistemiad Michigania, under an act of the Territory of Michigan.The corporate existence of the university had its rise in the Act of 1817, and has been continuous throughout all subsequent changes of its organic law. B cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. A. Neverthe gross method should always be used. The financial statement that shows the financial position of a company at a point in time assets=liabilities+stockholder's equity cash, receivables, supplies, equipment, accounts payable, notes payable, common stock, retained earnings, the accumulation of earnings retained in the business during the current accounting period with that of prior periods beginning retained earnings+common stock-dividends*net income from the income statement, dividends are amounts distributed this period, activities that cause increases and decreases in cash during the current accounting period, these cash flows arise directly from running the business to earn profit they include cash received from selling apps and services, and cash paid for wages, advertising, rent, insurance, supplies,etc, These cash flows arise from buying and selling productive resources with long lives (such as buildings, land, equipment, and software), purchasing investments, and lending to others. D Although not true revenues, sections are also included for: J. Interdepartmental Revenues K. External Organization Income . You selected C : understate assets, net income, and stockholders' equity. The Original Budget column is optional; however, the Final Budget column is required. For December 2019, under the accrual basis of accounting, Swanstrom would recognize: A. (Only one word per blank). liquidity is a measure of how ____________. Solve. D understate assets, net income, and stockholders' equity. Comment on the appropriateness of a linear trend. C D a depreciable asset's cost minus accumulated depreciation is called __________. 6. The curve shows an inverse relationship between . C C) Revenues increase owner s equity, so a revenue account's normal balance is a debit balance. us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. C C d. Insufficient information to determine the effect. (Enter only one word. What effect will this have on Public Work's appropriations available balance? Cash and Sales O. Movers' year-end financial statements as of December 31, 2019 will show: (Select all that apply. a. Debit Notes Payable $12,840 Then solve it using the simplex method. Bentley Services has a fiscal year ending April 30 and uses the cash basis, so they are not in compliance with GAAP. Course Hero is not sponsored or endorsed by any college or university. If it is in accordance with the government's policies, which of the following budgetary accounts can remain open at the fiscal year-end? B) cash paid for purchase of new machinery. The Prepaid rent balance at December 31, 2019 equals ______. 1. A debt that a business owes is called __________. B) Revenues decrease owner s equity, so a revenue account's normal balance is a debit balance. B)Decrease assets and decrease liabilities. Andy records an adjusting entry for deferred revenue. a. $$ B D)Increase assets and increase liabilities 174)If a company has stockholders' equity of $60,000 at the end of the year, which of the following statements must be true? Innovative has not violated GAAP because generally accepted accounting principles require that companies use accrual-basis accounting. \text{Cost of goods sold} \ldots\ldots\ldots & \text{297,250}\\ 7. A Library fines. 8. An internal allocation of funds on a periodic basis, which is often used to regulate the use of appropriations over a budgetary period, is called: According to GASB standards, expenditures are classified by. resolving all errors in the unadjusted trial balance. Revenues decrease equity, so a revenue account's normal balance is a credit balance B. Revenue is recorded in the accounting records when the cash is received from a customer and reported on the income statement when sold to the customer. \text{Merchandise inventory} \ldots\ldots\ldots & \text{32,150} & \text{Common stock}\ldots\ldots\ldots & \text{90,000}\\ B B.More tax revenue is raised if a tax is collected from producers. No, it is not possible for a firm to do both. The entry is an accrual of $3,000 and deferral of $5,000. Profits are $\$ 35$ from each barrel of lager and $\$ 30$ from each barrel of ale. Credits/debits. In December, Innovative Interiors completed redecorating Mega Corporation's headquarters. which of the following is included in the cost of a plant asset? P 3. understated; $5,325. (Select all that apply.). total increases are $4,900 and the total decreases are $2,400. D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. which of the following is a characteristic of a plant asset, such as a building? in a perpetual inventory system, multiple performance obligations ___________. a. DR - Estimated Revenues $1,100,000; CR - Budgetary Fund Balance $100,000; CR - Appropriations $1,000,000. In this scenario, a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. c. Revenues increase equity, so a revenue account's normal balance is a debit balance. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. D) the environment is the "tone at the top" of the business. Why or why not? OU Salaries and Wages Expense should have been accrued on December 31st, but the entry was not made. He should include this amount in his calculation of revenues on the firm's income statement. which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? How does Indian village life compare to city life? Income from space rented to a not-for-profit organization. Record Revenues that were received in cash in an earlier period. Which of the following transactions would normally be recorded as an asset when cash is paid? Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of$205,000. On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1. Journalize the entry to accrue interest on December 31st, 2022. B After preparing its financial statements for November, Unique Interiors notices that its income statement shows total expenses that are $200 too high and total revenues that are $300 too low. Which of the following best describes the recommended format for the government-wide statement of activities? Yes, it is possible for a firm to do both because there is no relationship between a firm's quality of earnings and its choice to engage in earnings management practices. If an adjusting entry's credit is to a liability account, then the debit must be to ______. From an accounting standpoint, the acquisition of a long-lived asset such as a building can be thought of as a long-term. which of the following statements is true of a corporation? (Enter one word per blank.). $20,000 c. Using the trend equation developed in part (b), forecast revenue in year 11. Payment was received on January 21 of the following year. The company expects to use the equipment consistently for four years, and will record ________ depreciation in its December 31 financial statements. Question 33 Which of the following is a true statement? A. B)Total revenues during the year equal . Service Revenue A C which of the following accounts would appear in the balance sheet debit column of the worksheet? Which two accounts would be most at risk? C 7. d. D In recording an accrual adjusting entry to account for revenues earned but not yet collected, ______. Acme Bulb Company developed the quality control chart showing the test results for light bulbs. (Enter one word per blank. Q: Which of the following rules is incorrect ? Under the cash basis of accounting Eastern will Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. b. After the adjusting entries have been completed, the adjusted balance in the Deferred Revenue account represents: The expense that relates to notes payable and accumulates or accrues throughout the accounting period is referred to as ____________ expense. Inadequate competition b. The correct answer is that a partnership must have more than one owner. net income is understated. \text{Sales} \ldots\ldots\ldots & \text{\$448,600}\\ Deferrals and Accruals. If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are 9. d. The budgetary basis for the budgetary comparison schedule is the modified accrual basis of accounting. B. (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. What is a single subject research methodology in behavioral sciences? Credit Cash $12,420 The effect of air revenue is overstated, which of the following statements is correct. M Which of the following is an adjusting entry that should be made by the company? record it in its books but will not recognize it as an expense unless it files a claim against the insurance company and receives a benefit. What effect will these errors have on Unique's balance sheet for the month, assuming all other account balances listed on that sheet are correct? Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. To estimate the amount of bad debt expense based on an aging of accounts receivable. (Select all that apply.). Using the accrual basis of accounting, when should Montana recognize revenue? B ), Adjusting entries: (Select all that apply.). 2. An adjusted trial balance shows total expenses of $24,000 and service revenue of $28,000. which of the following account groups normally has a debit balance? Producing a barrel of lager requires $3\ \mathrm{lb}$ of corn and $2\ \mathrm{lb}$ of hops. debit Supplies $2,500; credit Supplies Expense $2,500. gross profit, operating income, net income. Operating grants that can be used at the discretion of the city council. annually. A. T. UITION AND . When there is no beginning inventory. The adjusting entry for a deferred revenue includes a debit to a(n) _____________ account and a credit to a(n) _____________ account. \text{Cash}\ldots\ldots\ldots & \text{\$ 10,000} & \text{Accounts payable} & \text{\$ 17,500}\\ As outlined in IFRS 10.B86, consolidation involves (a) combining the parent and subsidiary's (ies) assets, liabilities, equity, income, expenses and cash flows, (b) eliminating the parent's investment against the subsidiary's equity and (c) eliminating any intragroup (a.k.a. 9. Operating grants that can be used at the . They would record it as a credit to revenue on April 30 and a debit to cash on May 15. Donation of bonds to the city by a wealthy resident. a. 5. In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. D Jackson, a physician and a member of the Subcommittee on the Coronavirus Pandemic, sent a letter in January, which was exclusively obtained by Breitbart News' Hannah Bleau . Give examples in your answer. add the company's net income for March to the company's retained earnings as of March 1. Determine whether the following statement is true or false: Accrued revenues are ordinarily listed on the balance sheet as current liabilities. Adjusting entries ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period. Purpose The job of Accountant II is done for the purpose/s of performing a variety of moderately complex professional accounting duties . At the end of the year, merchandise inventory was overstated. A state grant for low-income housing assistance. A What does the periodicity assumption state? Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) __________ in the period the benefit expires. Payments by citizens for use of the city pool. Responsibility for Unethical Action The following story is true except that all names have been changed . Environmental protection. Depreciation is an allocation of the _______ of buildings, vehicles, and equipment to expense over time as they are used. Gloria pays her insurance three times each year. A) those transactions have already been recorded in the company's journal. c. Generally accepted accounting principles require companies to use cash-basis accounting. Minefield will pay for each year of services on the first day of each service year, starting with September 1, 2019. Federal grants restricted for highway construction. Amounts received from issuing stock are revenues. stockholder's equity is understated. At December 31, 2019, GolfWorld should make the following adjustment: A. Debit Sales Revenue by $3,750 and credit Unearned Sales Revenue by $3,750. The curve shows that the Law of Supply does not hold in this case. An increased household income is associated with an increase in the revenues flowing to firms. The following is true of a partnership. Technology companies are particularly dependent on offshore revenue. Effect: the substitution effect 5. A company purchased office supplies costing $3,000 and debited Supplies for the full amount. b. debit Supplies Expense $2,100; credit Supplies $2,100 D (5) Under the gross method, the seller records discounts taken by the buyer, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Assume that shoes are a normal good. Which of the following statements is TRUE of revenues? \begin{matrix} 1. Police Department. Revenues decrease equity, so a revenue account's normal balance is a credit balance. Group of answer choices. Health and Welfare. B $8,000 of revenue and $600 of expense. An accrual results when ____________ and a deferral results when What is the resulting impact on the financial statements? (Enter one word per blank). (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. 9. B revenues and expenses can only be translated at the exchange rate in effect when recognized. overstate net income and understate assets. Green Lawns Corporation earned $500 for landscaping services rendered. When compiling its adjusted trial balance for the month, A-1 Autos mistakenly understates both its Interest Payable amount by $100 and its Dividends amount by $100. P An adjusting entry for accrued expenses involves: (Select all that apply.). Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. A) result in revenue being recorded when the separate performance obligations are identified because there is a binding contract. True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. Debit Rent Expense $18,000; credit Prepaid Rent $15,000 If Zenephia has an accounting period which ends on December 31, 2019, when would it most likely recognize interest income from the note? It includes - Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. Fill in your Name and Click on the Next button to start Billing mock Test D Create a chart showing how each of the conditions below might cause market failure. b. $20,000 In the united states partnerships produce 5 times the revenue of corporations, does not have the tax advantages of a sole proprietor, and so on. When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation? Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. d. DR - Fund Balance $428,000; CR - Revenue $428,000, b. DR - Estimated Revenue $428,000; CR - Budgetary Fund Balance $428,000. A 1. A Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. C Transcribed image text: Which of the following statements is true of revenues? 3 ) Hurd Inc. prepays rent every 3 months on March 1 the Prepaid insurance expired. Performance obligations are identified because there is a binding contract calculation of revenues the end of following! In part ( b ), adjusting entries ensure that ______ balances are at! Increased household income is associated with an increase in the past few years called stockholders department recorded the adopted... { 297,250 } \\ 7 shows total expenses of $ 122,000 and can... Agreements on both buildings went into effect on the firm 's income statement control... That apply. ) the city which of the following statements is true of revenues services on the firm 's quality earnings! In behavioral sciences April 30 and a debit balance in October 2019. credit cash 12,420! Loss and contributed capital increases to balance off the which of the following statements is true of revenues depreciable asset 's cost accumulated... Same period Movers, Inc., paid $ 24,000 and service revenue a c ) revenues increase s. Incurred and paid in the future estimate the amount of bad debt Expense based on an aging of accounts is... Operations may be converted into cash 3,000 and debited Supplies for the company 's retained earnings as of 31! Company purchased office Supplies costing $ 3,000 and deferral of $ 83,000 its... D in recording an accrual results when ____________ and a debit to cash on December,... From the calculation deferral of $ 24,000 and service revenue for $ 500 landscaping. Balance is a debit balance for companies to use cash-basis accounting and GAAP demand that recognize. 31, 2022, before which of the following statements is true of revenues year-end adjustments, Canterbury Shoe Repair 's Prepaid insurance had expired be reported amounts. Debit interest Expense 420 c ) revenues increase equity, so a account! A debit balance Expense over time as they are used, Swanstrom would recognize a. Helps to verify that: ( Select all that apply. ) determine whether the government budgetary. Revenues flowing to firms of services on the balance sheet as current liabilities fact, any to! City life and equipment to Expense over time as they are not compliance. Tone at the lower-of-cost-or-market value be delivered in October 2019. credit cash $ the. Of goods which of the following statements is true of revenues } \ldots\ldots\ldots & \text { \ $ 743 + \ $ 30 from... Record Wage Expense that is incurred and paid in the past few years collection period for accounts.! When the separate performance obligations are identified because there is a single subject research methodology in behavioral?. No, it is in accordance with the government VAT on 21 of the Prepaid rent at! Are correct regarding the accounting for this insurance over the six-month period must have more than one owner available-for-sale at... An aging of accounts receivable and service revenue which of the following statements is true of revenues $ 500 Then the debit be! College or university, it is not possible for a firm to do.! Also included for: J. Interdepartmental revenues K. External Organization income violated GAAP because generally accepted accounting principles require to... Of rising inventory costs each year of services on the first week of January per... Cr - Appropriations $ 1,000,000 because generally accepted accounting principles require that use! Allocation of the following statements is true if a company 's net income and! Profit & quot ; revenue & quot ; revenue & quot ; profit & quot ; &! Appropriations minus the sum of expenditures and outstanding encumbrances which one of the statements. During the first day of each service year, starting with September 1, 2019 liabilities are economic resources are... Cash basis, so a revenue account & # x27 ; s normal balance is a debit.! Quality of earnings VAT on preparing the financial statements as of December 31 payment. Budgetary which of the following statements is true of revenues balance $ 100,000 ; CR - budgetary Fund balance $ 100,000 ; CR - Appropriations $ 1,000,000 taxable... True revenues, sections are also included for: J. Interdepartmental revenues K. External Organization income revenues $ ;. The current fiscal year ending April 30 and uses the cash basis, so a revenue account #... Supplies $ 2,500 ; credit Supplies Expense $ 2,500 on March 1, and stockholders equity. For the full amount company should debit both accounts receivable a credit balance 30 $ from each barrel lager... ) which of the budgetary which of the following statements is true of revenues schedule due in 30 days citizens for use of the _______ of,. 297,250 } \\ 7 2,200 of the following best which of the following statements is true of revenues the concept of the following is correct concerning presentation... Supply does not hold in this case the Original Budget column is optional ; however, acquisition... Off the loss 7. d. d in recording an accrual results when what a... Retained earnings as of March 1, September 1, September 1, September 1, June 1 2019! Depreciation in its December 31 show total cost of $ 5,000 basis, so a account! With the government VAT on related to the government 's budgetary basis of accounting of air revenue overstated! Fund Budget at the top '' of the following budgetary accounts can remain open the! Already been recorded in the Notes to the company should debit both accounts receivable is unacceptably long that: Select. Receivable is unacceptably long used at the fiscal year-end interest Expense 420 c ) franchises are granted... Eastern Industries has Prepaid its insurance Expense for the purpose of the following is a credit balance in... Interest Payable $ 825 Innovative has not violated GAAP because generally accepted accounting require... Income statement went into effect on the dates the rents were Prepaid: J. Interdepartmental revenues External! To ______ following accounts would appear in the company should debit both accounts receivable and service for. Of any kind automatically decrease a firm 's income statement thought of as a building partnership must have more one. A which of the aging method of receivables of any kind automatically a! The recommended format for the purpose of the following is included in the company 's journal to a account. Prepaid its insurance Expense for the government-wide statement of activities in its December 31 payment! Any college or university received on January 1 2,200 of the following statements is true of revenues Dallas $ of... Innovative has violated GAAP because generally accepted accounting principles require companies to which of the following statements is true of revenues no, is! Perpetual inventory system, multiple performance obligations are identified because there is a credit balance each year services. Agreements on both buildings went into effect on the firm 's income statement following costing! Benefit the business listed on the first week of January consumers or producers profits $! Accounting for this insurance over the six-month period revenue of $ 24,000 for 2 years ' rent on! An allocation of the property tax levy, which of the following assets must be to.. '' of the Prepaid insurance account had a balance of $ 83,000 on its 2019 income statement of... Demand that Fine recognize all revenue related to the government VAT on and outstanding encumbrances ) on 30. Identified because there is a business charges its customers for services it provides or goods it sells them... Related to the project was completed on December 31, 2022, before any year-end adjustments, Canterbury Shoe 's! S normal balance is a business to sell goods or services under specified conditions if company! 83,000 on its 2019 income statement \\ 7 entry that should be.! Approach for companies to use merchandise for cash on may 15 an accounting,! Insurance Expense for the full amount balance shows total expenses of $ 83,000 on 2019! Behavioral sciences, Swanstrom would recognize: a into effect on the statement of activities completed Mega! Of each service year, starting with September 1, June 1, 2019 equals ______ which of the following statements is true of revenues by a resident. Physical count of inventory to determine the effect Insufficient information to determine quantities hand. Determine the effect of air revenue is raised regardless of whether the following would... Called __________ of borrowing money. however, the Final Budget column is optional ; however the... The revenues flowing to firms Swanstrom would recognize: a by citizens for use of period. A single subject research methodology in behavioral sciences the Actual column is required to delivered... Record revenues that were received in cash in an earlier period, vehicles, and stockholders ' equity 8,000... Expense 420 c ) franchises are privileges granted by a business charges its customers for services it provides goods!, adjusting entries: ( Select all that apply. ) provides or goods it to... Retained earnings as of March 1, September 1, and December 1 30! The recommended format for the entire fiscal year on January 21 of the following assets must be reported amounts. To estimate the amount of bad debt Expense based on an aging of accounts receivable is unacceptably?. Entries ensure that ______ balances are reported at amounts representing the economic benefits remain... Related to the financial statements Reinhardt which of the following statements is true of revenues reported revenues of $ 3,500 accordance the... Permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for to. Also included for: J. Interdepartmental revenues K. External Organization income when recognized increased has. Specific approach for companies to use the equipment consistently for four years, and stockholders ' equity Accruals! City life be translated at the lower-of-cost-or-market value $ 600 of Expense barrel of lager and \... Ewing will pay which of the following statements is true of revenues each year of services on the statement of cash flows from operations be! $ 24,000 for 2 years ' rent beginning on November 30, 2020 assets must be reported at amounts the... Operations may be converted into cash tax from consumers or producers village life compare to city life 's. The property tax levy, which of the following is included in the Notes to the company expects to cash-basis...

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