If revenue exceeds expenses for the accounting period being measured, then we say the company realized/recognized a _________________. Group of answer choices net assets net loss net increase net income or net profit

Accounting type Question: Which of the following is a non operating expense? A. Salary of Managing Director B. Depreciation C. Advertisement expenditure D. Interest on loan

Describe the relationship between profit and turnover, revenue and sales, turn over and income and income and revenue

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

On a multiple step income statement, the account interest expense would be located under A) Net sales B) COGS C)  Other Revenues and expenses

The main purpose of the statement of profit or loss is to determine the amount of income and expenses the net profit or net loss the cost of sales the amount of accrued income and expenses O O O O

Which 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 principle

FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the earnings process c. when the company is entitled to its benefits d. when cash is received

Other income is   a. added to operating income. b. deducted from operating income. c. added to gross profit. d. deducted from sales.