Which of the Following Statements Is Correct Regarding Revenues

AImpacted by debits and credits in the same way that expenses are impacted by debits and credits. Three of the above are TRUE.

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Revenues should be recognized in interim periods in the same way as they are on an annual basis.

. Revenue is recognized in the period that it is earned. Which of the following statements is true regarding the cash basis of accounting. Choice A is Correct because accounts that influence or affect the Owners Equity accounts are the revenue accounts expense accounts gains and losses accounts of the company.

If a client has an incentive to overstate revenues the existence assertion would be more relevant than the completeness assertion. It is typical that all the assertions for revenue are equally important. Deposit and withdrawal system 213 1.

Which of the following statements is true regarding the calculation of a corporations taxable income and tax liability. Revenues cause equity to increase. Projected losses on long-term contracts should be deferred to the annual report.

C Projected losses on long-term contracts should be deferred to the annual report. Which of the following statements is TRUE regarding revenue recognition. It does not qualify for revenue recognition until the performance obligation is satisfied by transfer of the promised good or service to a customer.

Which of the following statements are true regarding the effect of revenues on the equity of a business. These are really owners equity accounts. Revenues are reported in the period in which cash is received and expenses are reported when cash is paid out.

Audit evidence about the existence of revenues is also the most appropriate evidence about the valuation of accounts receivable. Audit evidence about the existence of. Which of the following statements is true regarding assertions in the revenue sales and collections cycle.

Which of the following statements is true regarding assertions in the revenue cycle. Which of the following statements are true regarding debt and deficit. No consideration can be received before a contract exists.

The example deals with the license of software. Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition. Which of the following statements is are correct regarding unearned revenues.

If the company incurs revenue or gains then Owners Equity will increase while if they incur expenses or losses then Owners Equity account will. The correct answer is A. A Revenues should be recognized on the income tax basis for interim reporting.

Contracts need to be legally enforceable to be considered under ASC Topic 606. Government entities present information on other comprehensive income just like business entities. Check all that apply Unearned revenues refer to a liability that is settled when a company delivers a product or performs a service.

A deficit occurs when our expenses exceed our revenues. None of the above statements is true. Receivable Revenue Since the customer did not pay the company needs to receive the cash.

Select all that apply. D The percentage-of-completion method of reporting long-term construction projects is not an. According to Revenue recognition principle we always record the transaction even if money did not change hands also apart of accrual accounting True or false.

Charitable contributions are considered a special deduction rather than part of ordinary business deductions C. Revenues should be recognized on the income tax basis for interim reporting. Check all that apply Multiple select question.

A liability is a claim by. Under GAM for NGAs correction of prior period. Recognized revenue is reported on the income statement.

Asked Sep 8 2019 in Business by Celtic. Adjusting entries are needed to properly reflect revenues recognized when they are realized or realizable and earned and expenses recognized in accordance with the expense recognition. Revenues should be recognized on the cash basis of accounting for interim reporting.

Which of the following statements is are correct regarding the definition of a liability. B Revenues should be recognized in interim periods in the same way as they are on an annual basis. Under normal audit risk conditions the occurrence assertion would be more relevant than the completeness assertion.

True 212 of the following is not one of the specific accounting systems of a government agency. CReported on the statement of financial position as a current item. Revenues that increase equity have many forms such as consulting services and commissions from services.

Dividends are resources paid to the stockholders. The cash basis of accounting is used by most large businesses to provide accurate financial statements for users. A liability is a thing of value owned by the business and is increased on the left side of a T-account.

A deposit or other advance a deferred revenue is a contract liability. DAll of the choices are correct regarding revenues. A Deficit can occur without being in Debt.

Deferred revenue is a liability until the service has been performed. Both statements are true 211 main source of revenue for the government is taxes. Adjusting entries are used to adjust expenses and the related asset or liability accounts or revenues and the related asset or liability accounts to year-end amounts.

Contracts need to be in written form to be considered under ASC Topic 606. The rent from a tenant was initially recorded by Bates as unearned rent revenueThe income tax. Which of the following statements is not true regarding the software developer example provided in ASC Topic 606 guidance for revenue recognition.

Business bad debts are allowed as an ordinary business deduction if the direct write-off method is used. Answer D is correct. Deficit is the opposite of Surplus.

There is no difference between debt and deficit. Revenue is recognized whenever cash is received. BA subdivision of equity providing information about why equity is increased.

On December 31 2019 The Bates Companys revenue is 300000 and expenses total 160000 before consideration of the followingAccrued wages total 11000Accrued revenues total 36000Depreciation expense is 17000Rental revenue of 9000 was earned. Two of the above are TRUE. All the performance obligations can be separately identified.

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