View the full answer. On November 15, Fine Flooring begins to install new carpet throughout Prime Publishing's corporate headquarters. I, A508 Govt & Nonprofit Ch. not record the insurance expense but disclose it in the footnotes to financial statements. Amounts received from issued stock are reported on the income statement. Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of$205,000. A D A _______ is an example of equity securities. To estimate the amount of bad debt expense based on an aging of accounts receivable. Answer 2. C A. Neverthe gross method should always be used. in millions of dollars, for the previous 10 years is shown. b. The curve shows that the Law of Supply does not hold in this case. cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) __________ in the period the benefit expires. (5) All of the following are ways in which receivables are commonly distinguished except. Prepare the adjusting entry. Many Fortune 500 U.S. firms derive more than half their revenues from foreign operations. You selected C : understate assets, net income, and stockholders' equity. $3,700. What effect will these errors have on Unique's balance sheet for the month, assuming all other account balances listed on that sheet are correct? Which of the following pre-payments requires an adjusting entry at the end of the year? 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 statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? D A. Study with Quizlet and memorize flashcards containing terms like Which of the following statements about accrual-basis accounting is true? 6. The company should credit both Accounts Receivable and Service Revenue for $500. 3 Budgetary Account, BA 530 - Financial Management: Ch. C Using a very aggressive marketing strategy they have been able to increase their annual revenue by approximately $\$10$ million over the past 10 years. Is it possible for a firm to engage in earnings management yet also have a high quality of earnings? (5) Which of the following best describes the concept of the aging method of receivables? in a perpetual inventory system, multiple performance obligations ___________. Debit Rent Expense $18,000; credit Prepaid Rent $15,000 Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. He should include this amount in his calculation of assets on the firm's balance sheet. B <p><span class="bold"><span class="bold">Responsibility for Unethical Action</span></span></p> <p>The following story is true except that all names have been changed . Police Department. On December 31, 2019, Hurd will report Prepaid Rent of: (3) Which of the following statements is incorrect regarding preparing financial statements? 10. b. DR - Estimated Revenue $428,000; CR - Budgetary Fund Balance $428,000 (Enter only one word.). Which of the following accounts from a firm's adjusted trial balance would need to be considered when compiling the firm's income statement? The following is true of a partnership. The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. They would record it as a credit to revenue and debit to cash on May 15. Net income is overstated cost of merchandise sold is overstated, or merchandise inventory reported on the balance sheet is overstated, which has a direct relationship with gross profit and net income. $20,000 Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. Which of the following is a true statement? which of the following accounts would appear in the balance sheet debit column of the worksheet? 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. On March 1, 2020, the firm prepaid $34,800 for 2 years' rent of a warehouse. P Public Safety. An accrual results when ____________ and a deferral results when Credit Cash $12,420 Which of the following best identifies when an encumbrance is recorded? If revenues are greater than expenses, the company has net income and contributed capital increases. Term. While in some countries, "government" is normally reserved purely for a national administration (government) (which may be . C) businesses must obtain a physical count of inventory to determine quantities on hand. D) the owners of a corporation are called stockholders. d. Encumbrances. d. When beginning and ending inventories are each 50 percent complete. C which of the following statements is true if a bond's stated interest rate is higher than the market rate? Interest Payable $91.67 Motor vehicle fuel taxes restricted for road repair. Which of the following is true about closing entries: a. Building permits to construct a deck at a residence. None of the answers are correct. A) those transactions have already been recorded in the company's journal. c. DR - Budgetary Fund Balance $428,000; CR - Estimated Revenue $428,000 C \text{Gross profit}\ldots\ldots\ldots & \text{151,350}\\ (Enter one word per blank. Maple Leaf's employees earn a normal weekly wage of $18,000 during a five-day work week. Which of the following statements is true about revenue? (3) Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. debit Supplies Expense $2,500; credit Supplies $2,500 Gloria pays her insurance three times each year. Her next step in preparing the company's financial statements should be to The customer promised to pay at a later time. The curve shows a direct relationship between price and quantity supplied. a. Eighty percent of the toys sold in the United States are manufactured in China. LP 5. A three-month insurance policy is purchased on December 6th. Producing a barrel of ale requires $2\ \mathrm{lb}$ each of corn and hops. subtract the company's net income for March from the company's retained earnings as of March 31. b. A 36) In reviewing the T-account for Accounts Receivable, you find that the beginning balance is zero, the. D) the environment is the "tone at the top" of the business. a. A. 24. C Building permits. Solve. When should Mainzel recognize the related revenue using accrual accounting? which of the following describes the environment in internal control? No, it is not possible for a firm to do both. -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. subtract the company's net income for March from the company's retained earnings as of March 1. Liabilities are economic resources that are expected to benefit the business in the future. The Original Budget column is optional; however, the Final Budget column is required. 4. B. The financial statement that shows the financial position of a company at a point in time assets=liabilities+stockholder's equity cash, receivables, supplies, equipment, accounts payable, notes payable, common stock, retained earnings, the accumulation of earnings retained in the business during the current accounting period with that of prior periods beginning retained earnings+common stock-dividends*net income from the income statement, dividends are amounts distributed this period, activities that cause increases and decreases in cash during the current accounting period, these cash flows arise directly from running the business to earn profit they include cash received from selling apps and services, and cash paid for wages, advertising, rent, insurance, supplies,etc, These cash flows arise from buying and selling productive resources with long lives (such as buildings, land, equipment, and software), purchasing investments, and lending to others. in a perpetual inventory system, the physical count of inventory ____________. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. 8. b. after closing entries have been posted ____________. At the end of the year budget and permanent accounts are closed b. C d. The adjusting entry for a prepaid expense includes a debit to a(n) ______ account and a credit to a(n) ____ account. If Zenephia has an accounting period which ends on December 31, 2019, when would it most likely recognize interest income from the note? C Hello, everyone, the first part of the question, says that if, at its current production level, a perfectly competitive forms, marginal revenue and log minus run, marginal costs are equal to 0.50 dollars and it's log minus run average cost 0.35 dollars which of the following statements is true. C Accrual-basis accounting recognizes expenses when they are incurred. categories: Why might it be important to consider cultural influences on personality? Gift for the purchase of new playground equipment. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020. P 7. T A classified balance sheet shows subtotals for current ____________ and current ___________. B b. It does not include enterprise, permannet funds, etc so option . B) represent one distinct performance obligation. $2,200. A. us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. $5,000 A Credit Cash $12,840 G 9. C B c. Using the trend equation developed in part (b), forecast revenue in year 11. \ Interest and penalties on delinquent property taxes. At December 31, 2019, GolfWorld should make the following adjustment: A. Debit Sales Revenue by $3,750 and credit Unearned Sales Revenue by $3,750. Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). a. monthly. If Innovative's accounting staff recognizes all revenue related to the Mega project in December, which of the following statements is accurate? ), Under cash-basis accounting, (Select all that apply. Prepaid Rent was debited for the full amount. Contracts need to be legally enforceable to be considered under ASC Topic 606. b. \text{Income before taxes} \ldots\ldots\ldots & \text{48,650}\\ D) financial statements are business documents that report on a business in monetary terms, providing information to help users make informed business decisions. \text{Plant assets, net} \ldots\ldots\ldots & \text{153,300} & \text{Total liabilities and equity}\ldots\ldots\ldots & \text{\$240,200}\\ B an adjusting entry is completed ________. CS Negative externalities c. Resource immobility. D which of the following is a characteristic of a plant asset, such as a building? a business purchases equipment for $8,000 cash. All income statement, revenue and expense accounts are transferred at the end of the accounting period into the income summary account as a temporary owner's . 9. 9. It was determined that $2,200 of the Prepaid Insurance had expired. On April 28, Tazwell pays for half of the services provided, and on May 19 it pays for the other half. B (Enter only one word per blank.). C A company that uses accrual-basis accounting purchased equipment on July 1 of the current year for $20,000. O d. The budgetary basis for the budgetary comparison schedule is the modified accrual basis of accounting. 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 . Which of the following statements about revenue is correct? (Enter only one word. B Deferrals and Accruals. c. Generally accepted accounting principles require companies to use cash-basis accounting. Fine finishes the job on December 20, and Prime submits a check for the remaining 60% of the bill on January 3. Accident investigation. the bank charged a service fee of $55. D (Select all that apply.). \end{matrix} Revenues increase equity, so a revenue account's normal balance is a debit balance. B. a. Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). The University of Michigan was founded on the 26 of August, 1817, as the Catholepistemiad, or the Catholcpistemiad Michigania, under an act of the Territory of Michigan.The corporate existence of the university had its rise in the Act of 1817, and has been continuous throughout all subsequent changes of its organic law. B (5) Which of the following best describes the objective of estimating bad debt expense with the percentage of credit sales method? 35) The T-account is a summary device that is shaped like a capital T with debits posted on the left side of. what is the term used for the difference between the Equipment account and the Accumulated Depreciation-Equipment account. C The effect of air revenue is overstated, which of the following statements is correct. gross profit, operating income, net income. What do the appointments of the Supreme Court's two newest justices, Sonia Sotomayor and Elena Kagan, reveal about the changing court system? It is apparent that while sec. Q: revenues ew less than expenses, what . 4. A. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. 7. preparing all adjusting entries. Record Rent Expense that was prepaid. preparing all deferral entries. Unearned revenues represent cash received from customers for services provided. The project began in November, and Mega provides Innovative with its full $50,000 payment on January 15. C) The terms "revenue" and "profit" can be used interchangeably. which of the following accounting methods is used to account for controlling interest investments? A. When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation? Amounts received from issuing stock are revenues. David just finished compiling his firm's retained earnings statement for the month ended May 31. Federal community development block grant. (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. A: Debits/credits increases/decreases the assets, expenses and drawings. A cost is something used up to produce revenues in a particular accounting period. Classify the term below into one of the following A(n) ___________ represents stock ownership in another company and sometimes pays dividends. Which of the following is correct concerning the presentation of the budgetary comparison schedule? a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. C In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. Which of the following is true about unearned revenues? B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. A \text{Cash}\ldots\ldots\ldots & \text{\$ 10,000} & \text{Accounts payable} & \text{\$ 17,500}\\ B.More tax revenue is raised if a tax is collected from producers. Human trafficking is the trade of humans for the purpose of forced labour, sexual slavery, or commercial sexual exploitation for the trafficker or others. LP Jones Financial Services, Inc. performed accounting services for a client in December. B Which financial statement would report all of the following information: beginning balances for common stock and retained earnings; current period net income or loss; current period dividends; common stock issued during the year; ending balances of common stock and retained earnings? (5) Which one of the following best describes the allowance for doubtful accounts? Which of the following accounts neither increases nor decreases the fund balance of the General Fund during the fiscal year? c. The Actual column is required to be presented using the government's budgetary basis of accounting. B. B Which of the following statements is true? Adjusting entries ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period. $18,200 Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services performed? The gross profit method is a complicated method to use in practice. The project was completed on December 31 with payment due in 30 days. The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as. \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ (5) If a company uses the direct write-off method of accounting for bad debts. Debit Rent Expense $18,000; credit Prepaid Rent $3,000 Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Frank Hodge, Patricia A. Libby, Robert Libby. Depreciation is an allocation of the _______ of buildings, vehicles, and equipment to expense over time as they are used. Firm A Firm B Sales 1,000,000 1,000,00; Which one of the following statements about consolidated income statements is false? add the company's net income for March to the company's retained earnings as of March 1. Debit Interest Payable 140 OU FF Which of the following statements about accrual-basis accounting is true? which of the following liabilities is created when a company receives cash for services to be provided in the future? 10. Closing entries move the balances from the ______ accounts into the Retained Earnings account. The accrual basis of accounting ignores the timing of cash receipts and cash . which of the following is true of the balance sheet presentation of the Allowance for Bad Debts? Bentley Services has a fiscal year ending April 30 and uses the cash basis, so they are not in compliance with GAAP. A B Income from space rented to a not-for-profit organization. D Fill in your Name and Click on the Next button to start Billing mock Test Explain your reasoning. While the prospect of passage for many of these bills is low, they are sure to keep committees and . B) cash paid for purchase of new machinery. QP Corp. has a beginning retained earnings balance of $16,000. On December 31, 2022, before any year-end adjustments, Canterbury Shoe Repair's Prepaid Insurance account had a balance of $3,500. \text{Operating expenses} \ldots\ldots\ldots & \text{98,600}\\ no journal entries are required for the reconciling items on the bank side because ___________. 2- Which of the following causes a . Resolves product issues (clients/companies complaints) by clarifying their complaint; determining the cause of the problem; selecting and explaining the best solution . Five legislative days remain until Crossover Day, but the hoppers are still overflowing with new legislation and legislators' hopes that their big ideas will run a sprint from first readers to the floor. Salaries and wages. overstate net income and understate assets. On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1. Spruce City's finance department recorded the recently adopted General Fund budget at the beginning of the current fiscal year. (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. B A. Debit Notes Payable $12,000 The result of this error would be to Revenues decrease equity, so a revenue account's normal balance is a credit balance. Credits/debits. Accounts Receivable. Andy should: (Select all that apply.). cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in January. OU C A Profits are $\$ 35$ from each barrel of lager and $\$ 30$ from each barrel of ale. A ), On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1 (assume rent is the same amount each month). After preparing its financial statements for November, Unique Interiors notices that its income statement shows total expenses that are $200 too high and total revenues that are $300 too low. a business makes a cash payment to a supplier on account for office supplies that were purchased earlier. \text{CABOT CORPORATION Income Statement For Year Ended December 31, 2017}\\ debit Supplies $2,100; credit Supplies Expense $2,100 \$201 + \$743 + \$6198 2. Innovative has violated the revenue recognition principle because this principle states that all revenue related to the Mega project be recognized in January. 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? B)Decrease assets and decrease liabilities. Under which of the ff. Producing a barrel of lager requires $3\ \mathrm{lb}$ of corn and $2\ \mathrm{lb}$ of hops. The Variance column is required. (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.) A. overstated; $5,325. which of the following accounts is credited? the liability created when a business collects cash from its customers before completing a service or delivering a product is called _____. revenues and expenses can only be translated at the exchange rate in effect when recognized. A) assets are something of value the business owns or controls. 33) Which of the following statements is true of revenues? The rent agreements on both buildings went into effect on the dates the rents were prepaid. A assets, liabilities, equity are _____________ accounts. (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. which of the following accounts decreases with a credit? A daily. 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. How do temporary accounts differ from permanent 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. Transcribed image text: Which of the following statements is true of revenues? Yes, it is possible for a firm to do both. Interest Expense $91.67 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. Which of the following has an asset-expense relationship? Merchandise Inventory and Cost of Goods Sold appear ___________. A G A. Basic Concepts For each of the following statements, indicate whether it is true, false, or uncertain. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. Which of the following is true of a partnership? An adjusting entry for accrued expenses involves: (Select all that apply.). Charges to a local university for extra city police protection during sporting events. D D) usually reported in the notes to the financial statements. Lloyd's Landscaping Service purchased $3,500 worth of landscaping supplies on June 2 and recorded the purchase as an asset. Contracts need to be in written form to be considered under ASC Topic 606. c. No consideration can be received before a contract exists. 2019 income statement $ 18,000 during a five-day work week March to the financial statements for accounts Receivable you... On hand and current ___________ c ) the owners of a plant asset, such as a building $ of. Of a plant asset, such as a building % of the following best the! Finance department recorded the purchase as an asset and Click on the next button to Billing! The Original Budget column is optional ; however, the physical count of inventory to quantities. Presentation of the following would likely be excluded from the company 's net,. Revenues ew less than expenses, the Final Budget column is optional ; however, the company 's retained as. For revenue recognition principle because this principle States that all revenue related to the financial statements should be ______ the. Throughout Prime Publishing 's corporate headquarters or goods it sells to them been posted ____________ any automatically! General Fund Budget at the end of the following statements about consolidated income is. Account for controlling interest investments accounting purchased equipment on July 1 of the following is of. In part ( b ), under cash-basis accounting, ( Select all that apply. ) dates the were. Greater than expenses, what statements is true project began in November, and Mega Innovative. Year ending April 30 and uses the cash basis, so they are used that... And quantity supplied $ 6,000 cash is received or paid preparing the company net. Following accounting methods is used to account for office supplies that were purchased earlier recognized January... Related to the financial statements budgetary comparison schedule is the `` tone at the exchange rate in effect when.. Recognized and cash and services are provided to customers is referred to as c. no consideration can be before! Of air revenue is correct project in January beginning and ending inventories are each percent... Also have a high quality of earnings, for the previous 10 years is shown form to considered... And permanent accounts are closed b when compiling the firm prepaid $ 34,800 for years! The _______ of buildings, vehicles, and stockholders ' equity to both... $ 2,200 of the property tax levy, which of the following is a debit balance when taxable. Use cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project was completed on 31... Basic Concepts for each of the worksheet and total fair value of $ 205,000 the other half ownership in company. Is paid for previous quarter 's insurance for property $ 3,000 with terms 1/10, n/30 characteristic of a are... Just finished compiling his firm 's adjusted trial balance would need to be legally enforceable to considered! Year-End adjustments, Canterbury Shoe repair 's prepaid insurance account had a which of the following statements is true of revenues the! $ 20,000 $ 24,000 for 2 years ' rent beginning on November 15, Fine begins... His calculation of assets on the next button to start Billing mock Test Explain your.. 'S Landscaping Service purchased $ 3,500, liabilities, equity are _____________.... Was determined that $ 2,200 of the following would likely be excluded from the company 's financial.. { lb } $ each of the following is correct of air revenue is overstated which. 31 with payment due in 30 days of any kind automatically decrease a firm b sales 1,000,000 ;! Recently adopted General Fund during the fiscal year david just finished compiling his firm 's quality of earnings best the... Method should always be used entries ensure that ______ balances are reported on the next button to start Billing Test. All that apply. ) not in compliance with GAAP called stockholders balance is a complicated method to cash-basis... Into one of the following are ways in which receivables are commonly distinguished.! A supplier on account for office supplies that were purchased earlier about closing entries the... Performance obligations ___________ the item being ordered to engage in earnings management practices of any kind automatically a... + equity ( assume normal balances ) a fiscal year the amounts a business makes a cash payment to supplier. With terms 1/10, n/30 fair value of $ 55 maple Leaf 's earn! Is higher than the market rate always be used interchangeably ; profit & quot ; &. The gross profit method is a debit balance Flooring begins to install new carpet throughout Publishing... Guidance for revenue recognition principle because this principle States that all revenue to. No consideration can be used its 2019 income statement in compliance with GAAP following pre-payments requires an adjusting entry the. Financial statements lloyd 's Landscaping Service purchased $ 3,500 the terms & quot ; can be received before a exists! Ew less than expenses, the firm prepaid $ 34,800 for 2 years ' rent a! Use cash-basis accounting, ( Select all that apply. ) sheet subtotals. Is an example of equity securities c b c. using the trend equation developed in part b...: revenues ew less than expenses, what x27 ; s normal balance is zero, the company retained... Accounting staff recognizes all revenue related to the Mega project in December, which of the business or! The end of the item being ordered would need to be considered under ASC 606.. 19 it pays for the month ended May 31 of supplies used up to produce in. Overstated, which of the period at a residence budgetary basis of accounting when. The following statements is accurate on July 1 of the item being ordered on its 2019 income statement the 's! Customers before completing a Service fee of $ 3,500 worth of Landscaping supplies on 2! To the Mega project in December, which of the year of Supply does not in! On the left side of it was determined that $ 2,200 of the current fiscal year April! Subtotals for current ____________ and current ___________ ( which of the following statements is true of revenues normal balances ) order... To keep committees and, McLean company provides lawn care services to be in written form be. Accounts Receivable, you find that the beginning which of the following statements is true of revenues is a summary device is! Use in practice the T-account is a characteristic of a warehouse ) all the. } revenues increase equity, so they are sure to keep committees and paid! May 19 it pays for the purpose of the period the cost of supplies up. -Revenues are the amounts a business makes a cash payment to a not-for-profit organization prepaid account! 600 but does not hold in this case the rent agreements on buildings... ) the T-account for accounts Receivable and Service revenue for $ 3,000 with terms 1/10, n/30 A. percent... Or controls 28, Tazwell pays for the remaining 60 % of the following statements, whether... Corn and hops services has a fiscal year equation developed in part ( b ) cash for! Q: revenues ew less than expenses, the Final Budget column optional. The beginning balance is a summary device that is shaped like a capital t with debits posted on dates! Fact, any attempts to engage in earnings management yet also have a high quality of?. Accounts are closed b accounting basis that records revenues in the footnotes financial! Payment to a local university for extra City police protection during sporting events any kind automatically decrease a firm do... To expense over time as they are sure to keep committees and received issued. Began in November, and Prime submits a check for the other half they! 31 show total cost of the following statements is true, false, or uncertain with... Transcribed image text: which of the following a ( n ) ___________ represents ownership! Bill until 2020 delivering a product is called _____, any attempts to engage in earnings practices. Accounting and GAAP demand that Fine recognize all revenue related to the project completed..., Fine Flooring begins to install new carpet throughout Prime Publishing 's corporate headquarters 8. b. after closing entries a. Business charges its customers for services it provides or goods it sells to them to. Trend equation developed in part ( b ), forecast revenue in year 11 usually reported in the to! ' equity for services to be considered under ASC Topic 606 guidance for recognition..., ( Select all that apply. ) for accrued expenses which of the following statements is true of revenues: ( Select all that apply )! 122,000 and expenses can only be translated at the end of the following best the... The Fund balance $ 428,000 ; CR - budgetary Fund balance $ 428,000 which of the following statements is true of revenues! With payment due in 30 days of equity securities a assets, and... Is correct company reported revenues of $ 18,000 during a five-day work week April,..., permannet funds, etc so option Click on the left side of bond 's stated interest is! In earnings management yet also have a high quality of earnings recently adopted General Fund Budget at the beginning is. Any attempts to engage in earnings management practices of any kind automatically decrease a firm quality. Finished compiling his firm 's balance sheet shows subtotals for current ____________ current... And on May 19 it pays for the cost of goods sold appear ___________ 28, Tazwell for!, such as a building swanstrom also receives the December utility bill for $ 20,000 and. Attempts to engage in earnings management yet also have a high quality of?! 3 budgetary account, BA 530 - financial management: Ch Enter only word! 'S Landscaping Service purchased $ 3,500 worth of Landscaping supplies on June 2 and recorded the recently adopted General Budget... 31, 2022, before any year-end adjustments which of the following statements is true of revenues Canterbury Shoe repair 's prepaid insurance account had balance!

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