FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?arrow_forwardWhat does the credit balance in the Accumulated Depreciation account represent?arrow_forward41. Realization of revenue occurs when a. the item is formally recorded and reported in the financial statements b. noncash resources are converted into cash or rights to cash c. the actual exchange of noncash resources into cash С. d. when a transaction is both realized and realizable 42.A revenue recognition method that recognizes revenue before the time of sale is a. percentage-of-completion b. installment c. cost recovery d. point of sale С.arrow_forward
- Which of the following calculations of net income is correct? Select one: Cash receipts minus cash payments Assets minus liabilities Revenues minus cost of goods sold Revenues and gains minus expenses and lossesarrow_forwardIs depreciation expense closed? If so, is it closed to income summary like the other expense accounts?arrow_forwardWhat is the difference between Accumulated Depreciation and Depreciation expense? What statements do both appear on? What account are they on? Do they have a DR or CR balance?arrow_forward
- Which is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expensesarrow_forwardWhich of the following has a different effect on net profit than it does on cashflow? A.Cash sale to customer B.Payment for wages C.Payment for rent D.Depreciation of equipmentarrow_forwardNonearrow_forward
- Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost of Sale d. Salesarrow_forwardRecording cost of goods sold is a/an A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entryarrow_forwardWhich of the following is a connector account? Retained Earnings O Prepaid Rent O Common Stock O Bond Payable O Accumulated Depreciationarrow_forward
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