Exam 1.docx - Revenue is properly recognized stomer makes...

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Revenue is properly recognized: stomer makes an order. ansaction creates an account receivable. the accounting period. or services are provided to customers and at the amount expected to be received from the customer. om a sale is received. Which of the following is not true regarding a Certified Public Accountant? ducation and experience requirements. n examination. ethical character. a Certified Management Accountant. any certificate other than a CPA. If a company receives $12,000 from the owner to establish a proprietorship, the effect on the accounting equation would be: ase $12,000 and equity decreases $12,000. ase $12,000 and liabilities decrease $12,000. se $12,000 and liabilities increase $12,000. rease $12,000 and equity decreases $12,000. se $12,000 and equity increases $12,000.
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If a company uses $1,300 of its cash to purchase supplies, the effect on the accounting equation would be: ase $1,300 and liabilities decrease $1,300. creases $1,300 and another asset decreases $1,300, causing no effect. ase $1,300 and equity decreases $1,300. ase $1,300 and equity increases $1,300. se $1,300 and liabilities increase $1,300. The Superior Company acquired a building for $500,000. The building was appraised at a value of $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would
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  • Summer '18
  • Balance Sheet, Generally Accepted Accounting Principles, Conrad Accounting Services

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