Toronto Institute received payments from customers who had been billed earlier for services provided. What effect does this transaction have on the accounting equation? O Assets and shareholders' equity increase. O Assets and liabilities decrease. O Assets and liabilities increase. O There is no net effect on the accounting equation.

Which of the following is an incorrect depiction of the accounting equation? O Assets - Equity = Liabilities O Assets - Liabilities = Equity O Assets + Equity = Liabilities O Assets = Liabilities + Equity

Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. sales

The “matching” principle in accounting refers to: Group of answer choices d. None of the above a. Aligning General Ledger account titles with business transactions c. Recognizing revenue and related expenses in the same period. b. Financing short term assets with short term financing

Which one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customer

Which sentence is incorrect? Select one: a. Cash-basis accounting is not in accordance with generally accepted accounting principles. b. In the Accrual-Basis Accounting, expenses are recognized when incurred. c. In the Cash-Basis Accounting, Revenues recognized when cash is received. d. According to the GAAP in Accrual-Basis Accounting, companies recognize revenues when they record cash receipts for their services.

For each of the following independent transactions, indicate whether there was an Increase, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Received cash from customer on account Borrowed cash from bank Received and recorded utility bill Paid dividends to owners Performed services and billed customer PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).