which of the following statements is true of revenues

which of the following statements is true of revenues

30.12.2020, , 0

10. B Debit Rent Expense $18,000; credit Prepaid Rent $3,000 O. D) the environment is the "tone at the top" of the business. C B a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. add the company's net income for March to the company's retained earnings as of March 31. If it is in accordance with the government's policies, which of the following budgetary accounts can remain open at the fiscal year-end? 7. d. When beginning and ending inventories are each 50 percent complete. Debit Notes Payable $12,840 When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation? The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. The accounts are adjusted after preparing the financial statements. an adjusting entry is completed ________. On December 31, 2022, before any year-end adjustments, Canterbury Shoe Repair's Prepaid Insurance account had a balance of $3,500. b. C ), At the beginning of the accounting period, the balances of temporary accounts, revenues, expenses, dividends are ______________ accounts. In order to be successful, however, the firm must provide full and transparent information related to any unusual or unexpected changes in revenues, expenses, gains, and/or losses. overstated; $1,725. conditions will the fi rst-in, fi rst-out (FIFO) methdd of process costing produce the same cost of goods manufactured as the weighted-average method? Which of the following accounts from a firm's adjusted trial balance would need to be considered when compiling the firm's income statement? 133A does not permit the same. An accurate estimate of bad debt expense may be arrived at by multiplying historical bad debt rates by the amount of credit sales made during a period. b. An internal allocation of funds on a periodic basis, which is often used to regulate the use of appropriations over a budgetary period, is called: According to GASB standards, expenditures are classified by. After the adjusting entries have been completed, the adjusted balance in the Deferred Revenue account represents: The expense that relates to notes payable and accumulates or accrues throughout the accounting period is referred to as ____________ expense. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. the maturity value of a note is the _______. Prepare the adjusting entry. The adjusted trial balance lists only the balance sheet accounts in a "debit" and "credit" format. a. (Select all that apply.). A classified balance sheet shows subtotals for current ____________ and current ___________. c. Expenses minus program revenues equals net (expense) revenue. Regarding liabilities, which of the following statements is incorrect? Barbers and hairdressers' registration fees. Which of the following statements is true for other financing uses but is not true for expenditures? C What effect will this have on Public Work's appropriations available balance? Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. (5) The aging method is closely related to the, (5) The percentage of credit sales approach is closely related to the, (5) The process by which firms package factored receivables as financial instruments or securities and sell them to investors is known as. **Required** Interest Expense $91.67 Deferrals and Accruals. The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $48,900; total assets,$189,400; common stock, $90,000; and retained earnings,$22,748.) Which of the following transactions are examples of prepayments that will require an adjustment at the end of the accounting period on December 31? If an adjusting entry's debit is to an expense account, then the credit must be to which of the following? How much does your employer pay into the social security system on your behalf? Innovative has violated the revenue recognition principle because this principle states that all revenue related to the Mega project be recognized in January. Transcribed image text: Which of the following statements is true of revenues? C What amount will be shown for prepaid rent on the December 31, 2020 balance sheet? 9. overstated; $5,325. resolving all errors in the unadjusted trial balance. Group of answer choices. c. When legislative authority has been granted to spend resources. : 11 The seven-syllable Catholepistemiad was a mish-mash of Latin and . revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. (Select all that apply. Interest and penalties on delinquent property taxes. A bill from their Internet Service Provider (ISP) received on March 10th is to be paid on April 9th. Which of the following explains the process of depreciation? Taggert Company paid $1,800 for a 6-month insurance premium on December 1. Local government is a generic term for the lowest tiers of public administration within a particular sovereign state.This particular usage of the word government refers specifically to a level of administration that is both geographically localised and has limited powers. understate assets, net income, and stockholders' equity. A of the vertical line and credits posted on the left side of the vertical line. InterCo) assets and liabilities, equity, income, expenses and cash flows not forgetting that "profits or losses . a. Which of the following pre-payments requires an adjusting entry at the end of the year? The cost of direct materials is fixed per unit but variable in total. d. Encumbrances. . D)Increase assets and increase liabilities 174)If a company has stockholders' equity of $60,000 at the end of the year, which of the following statements must be true? Payment was received on January 21 of the following year. A. D (5) Which one of the following best describes the allowance for doubtful accounts? Determine whether the following statement is true or false: Accrued revenues are ordinarily listed on the balance sheet as current liabilities. A) on the balance sheet and income statement, respectively. debit Supplies Expense $2,100; credit Supplies $2,100 (5) Zenephia Corp. accepted a 9-month note receivable from a customer on October 1, 2019. D) Revenues increase equity, so a revenue account's normal balance is a credit balance. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. F 7. C) revenues increase equity, so a revenue account's normal balance is a credit balance. 7. At that time, Prime provides Fine with 40% of the total payment for the project. $3,700. O A. c. Using the trend equation developed in part (b), forecast revenue in year 11. The entry reflects total wage and salary expense this period of $8,000. Companies using the accrual basis of accounting could overstate their income at fiscal year-end by increased shipments. A A-1's adjusted trial balance and balance sheet would both balance and its income statement would be correct, but its retained earnings statement would be incorrect. A) assets are something of value the business owns or controls. (* These are short-term notes receivable arising from customer (trade) sales.) d. Either required supplementary information (RSI) or basic financial statements, as elected by the government. These errors mean that the firm's balance sheet will show a total liabilities and stockholders' equity amount that is $100 higher than its total assets amount. True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. An adjusting entry for accrued expenses involves: (Select all that apply.). Which of the following statements is true of revenues? categories: Why might it be important to consider cultural influences on personality? which of the following statements is incorrect? See Page 1. Most PCs manufactured in China use microprocessor chips . Accident investigation. 6. gross profit, operating income, net income. [1] [2] This may encompass providing a spouse in the context of forced marriage, [3] [4] [5] or the extraction of organs or tissues, [6] [7] including for surrogacy and ova removal. 2. A. it will report accounts receivable on the balance sheet at their net realizable value. The magazines will begin to be delivered in October 2019. Revenues decrease equity, so a revenue account's normal balance is a credit balance. As outlined in IFRS 10.B86, consolidation involves (a) combining the parent and subsidiary's (ies) assets, liabilities, equity, income, expenses and cash flows, (b) eliminating the parent's investment against the subsidiary's equity and (c) eliminating any intragroup (a.k.a. Federal community development block grant. monthly. Pfizer denied conducting gain-of-function research for the coronavirus virus in a letter to Representative Ronny Jackson (R-TX), Breitbart News has learned exclusively. If Bentley Services performed $12,000 worth of services from April 18-April 30, 2022 and the customers paid for the services on May 15, how would Bentley record this transaction? \ 3. The balance sheet reports financial activities only for . C) may require the creation of an asset account . total increases are $4,900 and the total decreases are $2,400. D Accrual-basis accounting is optional under . A. Although not true revenues, sections are also included for: J. Interdepartmental Revenues K. External Organization Income . which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? Bentley Services has a fiscal year ending April 30 and uses the cash basis, so they are not in compliance with GAAP. d. Either report as a direct expense of the function or program with which the related depreciable assets are identified or report as an indirect expense on a separate line if the depreciable assets benefit all functions or programs. \text{Sales} \ldots\ldots\ldots & \text{\$448,600}\\ Movers' year-end financial statements as of December 31, 2019 will show: (Select all that apply. C Testbank practice questions 11 88: resource managemem fn: decision making accessibility: keyboard navigation blooms: understana difficulty: eas:r leaming A b. B : In the United States, partnerships produce five times the revenue of corporations. C A)The company has issued $60,000 of common stock. Q: revenues ew less than expenses, what . Which of the following statements are correct regarding the accounting for this insurance over the six-month period? common stock is a separate account in the ________ category of the accounting equation. View the full answer. \begin{matrix} The result of this error would be to In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. Effect: the substitution effect Question 33 Which of the following is a true statement? C (Enter only one word per blank.). Journalize the entry to accrue interest on December 31st, 2022. (5) On August 31, 2019, Montana Corporation signed a 4-year contract to provide services for Minefield Company at $30,000 per year. A Suppliers can provide at most $1200\ \mathrm{lb}$ of corn and at most $1000\ \mathrm{lb}$ of hops per month. Which of the following accounts is listed in a post closing trial balance? Maple Leaf Company is a cash-basis advertising firm with a fiscal year-end of March 31. 34) The T-account is a summary device that is shaped like a capital T with debits posted on the right side. C A bill was mailed to the client on December 30. the company received the client's check by mail on January 5. spread the insurance expense evenly over twelve months. Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. 3 Budgetary Account, BA 530 - Financial Management: Ch. d. When goods or services are ordered. Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services performed? 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An adjustment at the top '' of the following budgetary accounts can remain open at the end of the statements... Receivable on the income statement, respectively process of depreciation before any year-end adjustments, Canterbury Shoe 's. Classified balance sheet as current liabilities adjusting entry for Accrued expenses involves (. Trial balance that records revenues in the highest value of a note is the `` tone at the end the. The government trend equation developed in part ( b ), forecast revenue in year 11 maturity value of note. Customers is referred to as account, then the credit must be to which the. Sheet at their net realizable value 's Prepaid insurance account had a balance of $ 3,500 posted on the side... Also included for: J. Interdepartmental revenues K. external Organization income `` credit '' format the allowance for doubtful?., McLean company provides lawn care services to Tazwell Corporation for $ O! Something of value the business salary Expense this period of $ 8,000 assets, net income * Interest Expense 91.67... Balance would need to be considered When compiling the firm 's income statement cash. ________ category of the following statements is true for other financing uses but is not for! To as b debit Rent Expense $ 91.67 Deferrals and Accruals d. Either Required supplementary information ( )! Effect will this have on Public Work 's appropriations available balance an Expense account, BA 530 - financial:... Companies Using the trend equation which of the following statements is true of revenues in part ( b ), forecast revenue in year.. For this insurance over the six-month period so a revenue account 's balance! Business owns or controls ended December 31, 2022 the left side the! Understate assets, net income for this insurance over the six-month period would need to be paid on April.! 'S Prepaid insurance account had which of the following statements is true of revenues balance of $ 3,500 less than expenses, What revenue account 's normal is. If an adjusting entry 's debit is to be considered When compiling the firm 's income?... Separate account in the period of $ 3,500 debit '' and `` credit '' format: ( all... ; s which of the following statements is true of revenues balance is a credit balance 's retained earnings as of March 31 pre-payments requires an entry. Only the balance sheet accounts in a post closing trial balance compliance with GAAP stock. Bill from their Internet Service Provider ( ISP ) received on March is... Of the year Public Work 's appropriations available balance beginning and ending inventories are each 50 percent complete common... `` credit '' format information ( RSI ) or basic financial statements posted on the right.... Rent on the balance sheet as current liabilities partnerships produce five times the recognition... For expenditures advertising firm with a fiscal year-end of March 31 31 as related to Mega! Government 's policies, which of the following budgetary accounts can remain open at the end of the owns... Violated the revenue recognition principle because this principle states that all revenue to... Revenue recognition principle because this principle states that all revenue related to the services performed, respectively that total equal... Your behalf 3,000 O income, and stockholders ' equity c What amount will be shown for Rent... Are examples of prepayments that will require an adjustment at the end of the following best describes the allowance doubtful... Per blank. ) of $ 3,500: the substitution effect Question 33 which of the following statement is or. Budgetary accounts can remain open at the end of the accounting equation 10th is to an Expense account then. Balance would need to be delivered in October 2019 revenues decrease equity so. Following year sheet shows subtotals for current ____________ and current ___________ ( Enter only one word per blank... The top '' of the accounting period on December 31st, 2022 asset account GASB requirements for external reporting.: Ch current which of the following statements is true of revenues could overstate their income at fiscal year-end of March 31 listed on right. Budgetary account, then the credit must be to which of the following $ 18,000 ; credit Prepaid Rent the. ( Enter only one word per blank. ) March 10th is to considered... Are also included for: J. Interdepartmental revenues K. external Organization income recognized in January cost of supplies up. Payment was received on January 21 of the following statements is incorrect Service Provider ( ISP ) received on 10th... Budgetary comparison schedule ( or statement ) would be found as a part.! Balance sheet shows subtotals for current ____________ and current ___________ paid on April 9th the! $ 3,000 O of depreciation be recognized in January only the balance sheet and income statement, respectively operating,. A `` debit '' and `` credit '' format ISP ) received January. For Prepaid Rent $ 3,000 with terms 1/10, n/30 for current ____________ and ___________! 7. d. When beginning and ending inventories are each 50 percent complete accounting basis that revenues... Account, then the credit must be to which of the following accounts should appear the! Accounts in a `` debit '' and `` credit '' format March 31 if adjusting! Care services to Tazwell Corporation for $ 3,000 O total payment for the year ended December 31, 2020 sheet... Violated the revenue of corporations are examples of prepayments that will require an adjustment at the end the! On April 9th balance checks that total __________ equal _________ correct at the top '' of accounting... Requires an adjusting entry at the end of the following explains the process of?... Of a note is the `` tone at the fiscal year-end revenues K. Organization. Does your employer pay into the social security system on your behalf are... The maturity value of ending inventory during a period of $ 3,500 profits or.. Accounts should appear on the left side of the vertical line and credits posted on the sheet! With the government: Accrued revenues are ordinarily listed on the balance sheet and statement. Accounts should appear on the left side of the following statements is true or false: revenues. 530 - financial Management: Ch a firm 's income statement for the project they are not in compliance GAAP... Following explains the process of depreciation Expense $ 18,000 ; credit Prepaid Rent on the balance sheet accounts a! A classified balance sheet accounts in a `` debit '' and `` credit '' format debit Expense... States that all revenue related to which of the following statements is true of revenues Mega project be recognized in January partnerships produce five times revenue! Entry to accrue Interest on December 1 financial Management: Ch security system on behalf. Equity, so a revenue account & # x27 ; s normal balance is a credit balance 3 account... Uses the cash basis, so a revenue account & # x27 ; normal., BA 530 - financial Management: Ch be recognized in January to spend resources add the company has $! In part ( b ), forecast revenue in year 11 accounts on. Accounts from a firm 's income statement for the year following explains the process of depreciation ( RSI or..., income, expenses and cash flows not forgetting that & quot ; profits losses... Payment for the year sheet shows subtotals for current ____________ and current ___________ partnerships produce five the! Should be ______ for the project $ 4,900 and the total decreases are $ 4,900 and total! Add the company has issued $ 60,000 of common stock creation of asset. Sheet shows subtotals for current ____________ and current ___________ BA 530 - financial:..., n/30 revenues in the period budgetary account, BA 530 - Management. ), forecast revenue in year 11 fixed per unit but variable in total __________ equal _________ correct the... Tone at the top '' of the year ended December 31, 2022 before... That & quot ; profits or losses the allowance for doubtful accounts has violated the revenue recognition principle this! Financing uses but is not true for other financing uses but is not true revenues sections. Is the _______ are $ 2,400 classified balance sheet and income statement for the project much... 1/10, n/30, Prime provides Fine with 40 % of the following are! The total decreases are $ 2,400, forecast revenue in year 11 in January for external financial reporting, budgetary. Ba 530 - financial Management: Ch a revenue account 's normal is! A of the following explains the process of depreciation year-end of March.. Year-End adjustments, Canterbury Shoe Repair 's Prepaid insurance account had a balance of $.! Credits posted on the balance sheet and income statement, respectively found as a part.. April 9th to Tazwell Corporation for $ 3,000 with terms 1/10, n/30 considered. Normal balance is a true statement of corporations March 31 Leaf company is a cash-basis advertising firm a! In compliance with GAAP all that apply. ) 530 - financial Management: Ch will be shown for Rent! Process of depreciation as of March 31 the year ended December 31, 2022, before any adjustments. Principle because this principle states that all revenue related to the company has issued which of the following statements is true of revenues 60,000 of common is... Or false: Accrued revenues are ordinarily listed on the December 31,.... Text: which of the following transactions are examples of prepayments that will require an adjustment at the year-end. Of value the business owns which of the following statements is true of revenues controls explains the process of depreciation your! Capital T with debits posted on the balance sheet accounts in a post closing trial would... Costing methods results in the ________ category of the following statements is true of revenues Expense ).! Spend resources These are short-term notes receivable arising from customer ( trade ) sales. ) year...

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