When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate return on investment from return of investment. What is profit, how is it earned and what is its effect on business? Explain unlimited liability. Will all investors be affected by this? Define Accounting. What is its basic purpose? Is bookkeeping and accounting the same?

When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate return on investment from return of investment. What is profit, how is it earned and what is its effect on business? Explain unlimited liability. Will all investors be affected by this? Define Accounting. What is its basic purpose? Is bookkeeping and accounting the same?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 5DQ: What is the effect on the fundamental accounting equation if supplies are purchased on account? How...

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Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.
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