FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Garcia Company recognized revenue on account. The recognition will affect which of the following financial statements?
Transcribed Image Text:Statement of cash flows
Income statement
Balance sheet
Income statement and the balance sheet
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- Which one of the following states that the life of a business can be divided into equal time periods? a. Revenue recognition principle. b. Accounting period assumption. c. Accrual concept. d. Economic entity concept.arrow_forwardListed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once.) a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e. Historical cost principle f. Revenue recognition principle g. Matching principle h. Full disclosure principle i. Relevance characteristic j. Reliability characteristic. k. Consistency characteristic 1. Stable-dollar assumption (do not use historical cost principle). 2. Earning process completed and realized or realizable. 3. Presentation of error-free information with representational faithfulness. 4. Yearly financial reports. 5. Accruals and deferrals in adjusting and closing process. (Do not use going concern.) 6. Useful standard measuring unit for business transactions. 7. Notes as part of necessary information to a fair presentation. 8. Affairs of…arrow_forwardWhich of the following overall accounting concepts has a number of exceptions under GAAP? a) Historical cost b) Transaction basis c) Conservatism d) Accrual accountingarrow_forward
- Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting Period concept C. Money Measurement concept D. Cost conceptarrow_forwardOn which financial statement are permanent accounts reported?arrow_forwardRecognition is the process of: A. Capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements—an asset, a liability, equity, income or expenses B. Determining where an item should be presented in the financial statements C. Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics D. Adding together of assets, liabilities, equity, income or expenses that have shared characteristicsarrow_forward
- when putting together an income statement do the revenues and expenses have to put in order from highter amount to lowest?arrow_forwardWhen an entity has the benefit of particular service but it has not received the bill (invoice) to pay for it, this creates: a. prepayment b. accrued expense. c. accounts receivable d. revenuearrow_forwardWhich of the following accounting principles prescribes that a company record its ex- penses incurred to generate the revenue reported? A) Going-concern assumption. B) Expense recognition (Matching) principle. C) Measurement (Cost) principle. D) Business entity assumption. E) Consideration assumption.arrow_forward
- Use the list of concepts given to match the description of the concept to the concept.arrow_forwardOn a multiple step income statement, the account interest expense would be located under A) Net sales B) COGS C) Other Revenues and expensesarrow_forwardWhich of the following accounting principles requires that expenses be recognized in the same period as the revenue they helped to generate? A) Matching principle B) Conservatism principle C) Revenue recognition principle D) Cost-benefit principlearrow_forward
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