Multiple Choice
Revenue is not recorded in the accounting period when:
A) there is an increase in assets or a decrease in liabilities.
B) the service has been performed or the goods have been sold and delivered.
C) the revenue can be reliably measured and collection is reasonably certain.
D) there is a decrease in assets or an increase in liabilities.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: a)Revenue should be recorded in the accounting
Q6: Under ASPE, the term "depreciation" must be
Q7: If an adjusting entry to record accrued
Q8: Some retail companies use a 52-week period,
Q9: Accrued revenues are also called accrued liabilities
Q11: Prior to recording adjusting entries, revenues exceed
Q12: Payments of expenses that will benefit more
Q13: Accumulated depreciation is an example of a
Q14: Cost less accumulated depreciation is a measurement
Q15: What type of accounts (i.e. asset, liability