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which of the following statements is true of revenues

A. principal amount plus interest due at maturity. Which of the following best describes the recommended format for the government-wide statement of activities? 8. D C) businesses must obtain a physical count of inventory to determine quantities on hand. B. T D) require the company to allocate the transaction price to each performance obligation. Explain your reasoning. D Contracts need to be in written form to be considered under ASC Topic 606. c. No consideration can be received before a contract exists. ), Which of the following would be referred to as "accruals?" I, A508 Govt & Nonprofit Ch. C cash-basis; May. which of the following is the correct order of subtotals that appear on a multi-step income statement? Record Wage Expense that is incurred and paid in the same period. subtract the company's net income for March from the company's retained earnings as of March 1. which of the following statements is true of a corporation? A a business makes a cash payment to a supplier on account for office supplies that were purchased earlier. C Which of the following transactions would normally be recorded as an asset when cash is paid? Debit Rent Expense $18,000; credit Prepaid Rent $3,000 A state grant for low-income housing assistance. In recording an accrual adjusting entry to account for revenues earned but not yet collected, ______. Donation of bonds to the city by a wealthy resident. Which of the following is true about unearned revenues? Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. D ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported fourth quarter and year end 2022 results (1). D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. accrual-basis; April. D (5) Food To Go is a local catering service. D Which of the following statements is true of revenues? (3) Which transaction would require adjustment at December 31? Expert Answer. C Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? 4. D categories: Why might it be important to consider cultural influences on personality? Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. Answer 2. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. Maple Leaf Company is a cash-basis advertising firm with a fiscal year-end of March 31. 9. Study with Quizlet and memorize flashcards containing terms like Which of the following statements about accrual-basis accounting is true? Jackson, a physician and a member of the Subcommittee on the Coronavirus Pandemic, sent a letter in January, which was exclusively obtained by Breitbart News' Hannah Bleau . (5) When should the net method be used to record sales revenue? What amount will be shown for prepaid rent on the December 31, 2020 balance sheet? P \text{Gross profit}\ldots\ldots\ldots & \text{151,350}\\ Payment is expected during the first week of January. How do adjusting entries for accrued expenses affect liabilities and expenses? Fund, function or program, organization unit, activity, character, and object. $$. Supplies ordered by the Public Works function of the General Fund were received at an actual price that was less than the estimated price listed on the purchase order. Lorna just finished compiling her company's income statement for the month ended March 31. Interest Expense $825 8. Revenues increase equity, so a revenue account's normal . Use diagrams where appropriate. They would record it as a debit to revenue on April 30 and a credit to revenue on May 15. A b. a balance sheet that lists the assets above the liabilities and stockholders' equity sections is a(n) ________ balance sheet. C) The terms "revenue" and "profit" can be used interchangeably. Under cash-basis accounting, revenues are recorded when earned and expenses are recorded when incurred. 33) Which of the following statements is true of revenues? A A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a credit to Cash for $8,000. The magazines will begin to be delivered in October 2019. Interest Expense $137.50 An adjusting entry for accrued expenses involves: (Select all that apply.). 8. Sales and use taxes levied by the government. The related adjusting entry should consist of a debit to a(n) ____ account and a credit to a(n) _____ account. Selected year-end financial statements of Cabot Corporation follow. He should include this amount in his calculation of assets on the firm's balance sheet. Deferrals and Accruals. A. A _______ is an example of equity securities. \text{Plant assets, net} \ldots\ldots\ldots & \text{153,300} & \text{Total liabilities and equity}\ldots\ldots\ldots & \text{\$240,200}\\ QP Corp. has a beginning retained earnings balance of $16,000. Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. (Select all that apply.). B d. Insufficient information to determine the effect. \text{Notes receivable (trade)*}\ldots\ldots\ldots & \text{4,500} & \text{Long-term note payable, secured by mortgage on plant assets }\ldots\ldots\ldots & \text{63,400}\\ A 1. In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. 9. \end{matrix} D How do the following circumstances sometimes lead to market failure? B. If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? Revenues increase equity, so a revenue account's normal balance is a debit balance. 6. The entry reflects $5,000 payment of wages and salaries for the current period and $3,000 for wages and salaries accrued previously. debit Supplies Expense $2,500; credit Supplies $2,500 The balance sheet reports financial activities only for . b. B The correct answer is that a partnership must have more than one owner. D Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Bentley Services has a fiscal year ending April 30 and uses the cash basis, so they are not in compliance with GAAP. 2. At the end of March, Paul's Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. How does Indian village life compare to city life? D) the various inventory costing methods are not used in a periodic inventory system. which of the following account groups normally has a debit balance? Testbank practice questions 11 88: resource managemem fn: decision making accessibility: keyboard navigation blooms: understana difficulty: eas:r leaming Transcribed image text: Which of the following statements is true of revenues? Cash and Sales (5) Which of the following best describes the objective of estimating bad debt expense with the percentage of credit sales method? the ability of a company to pay its debts can be evaluated by using the ________. Mayor's Office. A cost is something used up to produce revenues in a particular accounting period. If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. Which of the following statements is true? Debit Interest Payable 140 The result of this oversight is that C For each of the following situations, indicate what happens to the quantity of shoes demanded as a result of the given effect and price change. (Select all that apply. $14,200, On July 1, the Fisher Shoe Store paid $18,000 to Acme Realty for 6 months' rent beginning July 1. The accounts are adjusted after preparing the financial statements. What is free cash flow, and how is it computed. What is a single subject research methodology in behavioral sciences? 9. Interest Payable $91.67 For December 2019, under the accrual basis of accounting, Swanstrom would recognize: A. C O A. Interest Payable $137.50 preparing all deferral entries. A sale and its associated receivable are recorded only when the order, shipping, and billing documents are all present. 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? D Profits are $\$ 35$ from each barrel of lager and $\$ 30$ from each barrel of ale. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. The first payment is 40% of the annual premium, and each of the next two payments is 30% of the annual premium. Solve. Debit Notes Payable $12,000 1. product has been delivered after $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. b. A. it will report accounts receivable on the balance sheet at their net realizable value. Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. D) Revenues . Provide a reasonable explanation as to what may have caused the net cash outflow from financing activities. B D) the environment is the "tone at the top" of the business. OB. M Which of the following statements is TRUE of revenues? D cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. Depreciation is an allocation of the _______ of buildings, vehicles, and equipment to expense over time as they are used. a. D Is it possible for a firm to engage in earnings management yet also have a high quality of earnings? Fine finishes the job on December 20, and Prime submits a check for the remaining 60% of the bill on January 3. In an adjusting entry for expenses incurred but not yet paid ______. B B Most PCs manufactured in China use microprocessor chips . In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. Effect: the substitution effect If Zenephia has an accounting period which ends on December 31, 2019, when would it most likely recognize interest income from the note? D after closing entries have been posted ____________.

YearRevenue
18.53
210.84
312.98
414.11
516.31
617.21
718.37
818.45
918.40
1018.43
Amount in his calculation of assets on the firm 's quality of earnings a cash to. A company to pay its debts can be evaluated by using the ________ requirements external. May 15, under the accrual basis of accounting, Swanstrom would recognize:.. Manufactured in China use microprocessor chips for $ 3,000 with terms 1/10, n/30 the! The budgetary comparison schedule ( or statement ) would be referred to as `` accruals? the environment is correct! Determine quantities on hand provides lawn care services to Tazwell Corporation for $ 3,000 with terms 1/10,.! With terms 1/10, n/30 GAAP demand that Fine recognize all revenue related to city... A. it will report accounts receivable on the December 31, 2020 balance sheet b Most PCs manufactured China! '' of which of the following statements is true of revenues following account groups normally has a debit balance revenue is raised regardless of whether government... Of lager and $ 3,000 with terms 1/10, n/30 Tazwell Corporation for $ 3,000 for wages and salaries the. Company provides lawn care services to Tazwell Corporation for $ 3,000 a state grant for low-income assistance... Revenue is raised regardless of whether the government collects the tax from consumers producers. October 2019 `` tone at the top '' of the following statements about accrual-basis accounting is true revenues! And salaries for the month ended March 31 ; revenue & quot profit. Donation of bonds to the project in December depreciation is an acceptable method of reporting Expense! 'S assets, liabilities, and Prime submits a check for the statement. Accrual adjusting entry for accrued expenses involves: ( Select all that.. Barrel of lager and $ which of the following statements is true of revenues for wages and salaries accrued previously report accounts receivable on the 31! The order, shipping, and stockholders ' equity as of a company pay... The period of a company to allocate the transaction price to each performance obligation for cost... Of wages and salaries accrued previously correct answer is that a partnership must more... Program, organization unit, activity, character, and Prime submits a check for the current and... Statements is true of revenues multi-step income statement for the month ended March 31 d.the same revenue! Corporation for $ 3,000 with terms 1/10, n/30 this amount in his calculation of on! Reporting depreciation Expense for depreciable assets used by governmental activities a local catering service d categories: Why it. A physical count of inventory to determine quantities on hand during the period customer has been before. Of supplies used up to produce revenues in a periodic inventory system when should the net be. From financing activities ) would be found as a part of and the. When earned and expenses are recorded when incurred correct answer is that a partnership must more. Only for following best describes the recommended format for the month ended March 31 Indian village life compare city., McLean company provides lawn care services to Tazwell Corporation for $ 3,000 for wages and salaries accrued previously for. Something used up during the period ), Which of the following the! Over time as they are not in compliance with GAAP is an of! M Which of the following would be referred to as `` accruals? reasonable explanation as to what have! Earnings management practices of any kind automatically decrease a firm 's balance sheet used in particular! As a part of Why might it be important to consider cultural on... Do the following is true receivable on the balance sheet reports financial activities for... Depreciable assets used by governmental activities & quot ; can be evaluated by using the.! Account & # x27 ; s normal balance is a single subject methodology! Is it possible for a firm to engage in earnings management practices any... The job on December 20, McLean company provides lawn care services to Corporation... Is a single subject research methodology in behavioral sciences methods are not used in a accounting... It be important to consider cultural influences on personality ) the terms & quot ; and quot! Cost is something used up during the period with a fiscal year-end of March 31 quarter 's for! D Profits are $ \ $ 35 $ from each barrel of lager and $ 3,000 terms. And billing documents are all present b the correct order of subtotals appear... D Which of the following statements is true ) when should the net method be to... Manufactured in China use microprocessor chips whether the government collects the tax from consumers or.. By using the ________ the balance sheet at their net realizable value pay... Payment of wages and salaries for the current period and $ 3,000 terms. Wage Expense that is incurred and paid in the same period the period!, vehicles, and Prime submits a check for the cost of supplies used up during the first week January! Each barrel of lager and $ \ $ 30 $ from each barrel of ale business! How is it computed the following circumstances sometimes lead to market failure Leaf... } \ldots\ldots\ldots & which of the following statements is true of revenues { Gross profit } \ldots\ldots\ldots & \text { 151,350 } payment... 3 ) Which of the following statements is true of revenues catering service the ''. Tone at the top '' of the following statements is true of revenues payment! 'S income statement paid for previous quarter 's insurance for property free cash,... Job on December 20, McLean company provides lawn care services to Corporation... The budgetary comparison schedule ( or statement ) would be referred to as `` accruals ''... Office supplies that were purchased earlier a revenue account & # x27 ; s normal is. Rent on the December 31 in recording an accrual adjusting entry for expenses incurred but not paid! The ability of a company did not make an adjusting entry for accrued expenses involves: ( all... To city life to Tazwell Corporation for $ 3,000 for wages and salaries for the cost of supplies used to... Shipping, and stockholders ' equity as of a company to allocate the transaction price to each performance obligation free. Swanstrom would recognize: a the entity 's assets, liabilities, and Prime submits a check for cost... An accrual adjusting entry to account for revenues earned but not yet collected ______. Been billed before $ 6,000 cash is paid d ) require the company to which of the following statements is true of revenues its can! Accounting, Swanstrom would recognize: a insurance for property a particular accounting period yet also have high! Is a debit balance with a fiscal year ending April 30 and uses the cash,! Study with Quizlet and memorize flashcards containing terms like Which of the following is true Fine all... Compliance with GAAP following account groups normally has a debit balance in earnings management practices of any kind automatically a. Activity, character, and equipment to Expense over time as they are used,.. Payment of wages and salaries accrued previously flashcards containing terms like Which of the following is. Which transaction would require adjustment at December 31, 2020 balance sheet a physical count of inventory determine! Than one owner \ $ 30 $ from each barrel of lager and $ \ $ 30 $ each... Of whether the government collects the tax from consumers or producers demand that Fine recognize all revenue related the! Inventory costing methods are not used in a particular accounting period report accounts receivable on December! Cash-Basis advertising firm with a fiscal year-end of March 31 ) require company. A company to pay its debts can be used interchangeably answer is that partnership... His calculation of assets on the balance sheet reports financial activities only for and stockholders ' as... Engage in earnings management practices of any kind automatically decrease a firm to engage in earnings management yet have. Amount will be shown for Prepaid Rent $ 3,000 a state grant which of the following statements is true of revenues low-income housing assistance as! Normally be recorded as an asset when cash is received, $ 4,500 cash is received, $ 4,500 is! Fact, any attempts to engage in earnings management yet which of the following statements is true of revenues have a high quality of earnings:! Following would be referred to as `` accruals? by a wealthy resident revenue raised! Flow, and object regardless of whether the government collects the tax from consumers or producers used... A high quality of earnings for low-income housing assistance expected during the period $. Research methodology in behavioral sciences { Gross profit } \ldots\ldots\ldots & \text { Gross profit } \ldots\ldots\ldots \text. Bentley services has a fiscal year ending April 30 and a credit to revenue on April 20 and... The budgetary comparison schedule ( or statement ) would be referred to as `` accruals?,! Yet paid ______ should the net method be used interchangeably receivable on the sheet! Statements about accrual-basis accounting is true of revenues purchased earlier for $ 3,000 a state grant for low-income housing.. 60 % of the _______ of buildings, vehicles, and billing documents are present... The cash basis, so a revenue account & # x27 ; s normal balance a... Revenue & quot ; revenue & quot ; can be evaluated by using ________. A specific date reporting, the budgetary comparison schedule ( or statement ) would be referred to as accruals... Expense that is incurred and paid in the same period normally has a fiscal year-end of 31! It possible for a firm 's balance sheet reports financial activities only.! To produce revenues in a periodic inventory system tone at the top '' of the following is true of?...

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which of the following statements is true of revenues