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- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesWhich of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expensesWhich one of the following accounts is unlikely to ever be seperately disclosed in the income statement? O A. Cost of sales O B. Bad debts O C. Interest on current bank account O D. Depreciation
- The Business is in loss, when ________" a) Revenue exceeds Expenditure b) Assets exceeds Liabilitiesc) Expenses exceed Salesd) Expenses exceed Other IncomePurchase of Stationary will be debited to _______a) General Expense b) Stationary Accountc) Purchases Accountd) None of the AboveWhich statement is false? A. Revenues and expenses result from regular activities of the business. B. Gains and losses result from incidental transactions of the business. C. Generally, revenue is recognized when the earning process is complete and a valid promise of payment has been received. D. An expense is recognized immediately in the income statement when an expenditure produces no future economic benefits. E. None of the above4. What account will not be found in the financial statements of acompany using accrual basis of accounting? A. accrued expenseB. prepaid expenseC. depreciation expensesD. bad debts expenseE. answer not given
- Which of the following items will not be shown in the balance sheet of ahotel? A. customer loyalty value B. accounts payable C. Intangible assets D. accrued taxesWhich 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 customerWhich of the following statements is not true about liabilities? a.Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to outsiders. c.Liabilities do not include wages owed to employees of the company. d.Cash received before a service is performed creates a liability.
- If the entry to record sales on account is not posted: O Stockholders' equity will be overstated. O Assets will be understated. O Assets will be overstated. O Liabilities will be understated. O There will be no effect on the company's financial position.Due to which concept, accounting does not record non-financial transactions? a. Going concern concept b. Accrual concept O C. Money measurement concept o d. Cost conceptA company uses the direct write-off method to account for bad debts. What are the effects on the accounting equation of the entry to record the write-off of a customer's account balance? a. Assets increase and Stockholders' equity decrease b. Assets and Stockholders' equity decrease c. Stockholders' equity and liabilities decrease d. Assets and liabilities decrease
