Multiple Choice
A company receives a $25,000 cash deposit from a customer on March 15 but will not deliver the goods until April 20. Which of the following statements is false?
A) Cash will be reported on the statement of cash flows for the month of March.
B) Revenue will be recorded and reported on the statement of earnings for March.
C) Revenue will be recorded and reported on the statement of earnings for April.
D) A liability will be reported on the statement of financial position at the end of March.
Correct Answer:
Verified
Correct Answer:
Verified
Q14: Expenses incurred, but not yet paid, create
Q52: The division of business activities into a
Q64: A high total asset turnover signifies efficient
Q67: Operating cash inflows and outflows are primarily
Q70: Which one of the following represents the
Q71: Explain why the profit reported on the
Q72: Income tax expense will appear on the
Q73: Revenue is always recognized when which of
Q74: What would be the effect on December's
Q115: Revenues are decreases in assets or settlements