A100+Midterm%2BFall%2B2%2B2010

A this is an organization of the us government b it

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Unformatted text preview: on the Income Statement before the cash is received. c is required to be used on the Statement of Cash Flows. d is also called "cash-basis accounting". e None of the above 3 Which of the following is true regarding IASB? a This is an organization of the U.S. government. b It is similar in form to GAAP. c It is the group responsible for GAAP. d It is the accounting standards written by the IFRS. e It is the group responsible for writing IFRS. 4 Which of the following is true regarding unearned revenue? a When it is received, both assets and stockholders' equity are increased. b When it is earned, both assets and stockholders' equity are increased. c When it is earned, stockholders' equity is increased and liabilities are decreased. d When it is received, liabilities are increased and stockholders' equity is decreased. e When it is earned, liabilities and assets are increased. 5 When a payment is received from a customer on an accounts receivable, the result of this receipt is to a increase sales and increase assets. b increase sales and decrease assets. c increase net...
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