Recording revenue that is earned, but not yet collected, is an example of:
A. A prepaid expense transaction.
B. An unearned revenue transaction.
C. An accrued liability transaction.
D. An accrued receivable transaction.
When a magazine company col
1. The primary function of financial accounting is to provide relevant financial information to
parties external to business enterprises.
2. Accrual accounting attempts to measure revenues and expenses that occurred during
accounting periods so they
Which of the following accounts has a credit balance?
A. Salary expense.
B. Accrued income taxes payable.
D. Prepaid rent.
When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account:
A. (S)he usually debits
10. Conservatism is a desired qualitative characteristic of accounting information.
11. Equity is a residual amount representing the owner's interest in the assets of the business.
12. Revenues are inflows or other enhancements of assets or set
69. Enhancing qualitative characteristics of accounting information include:
A. Relevance and comparability.
B. Comparability and timeliness.
C. Understandability and relevance.
D. Neutrality and consistency.
70. Gains are:
A. Inflows from selling a produ
Owners' equity can be expressed as assets minus liabilities.
Debits increase asset accounts and decrease liability accounts.
Balance sheet accounts are referred to as temporary accounts because their balances are always
The statement of shareholders' equity discloses the changes in the temporary shareholders' equity
The post-closing trial balance contains only permanent accounts.
The closing process brings all temporary accounts to a zero
RESULTADO TAREA 1
1) (Income Statement, EPS) Presented below are selected ledger accounts of Tucker
Corporation as of December 31, 2014.
Cost of goods sold