As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.
Answer the following statement true (T) or false (F)
False
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A principal's intent to ratify a contract:
A. may be inferred from the principal's failure to repudiate an unauthorized contract after becoming aware of it. B. may be inferred by a court from the fact that the agent accepted the benefits of an unauthorized contract. C. can only be inferred by the agent's actions. D. may not be implied by his acts or failure to act.
Which of the following changes in accounting principle does not require the retrospective approach?
a. Change from the percentage-of-completion to the completed-contract method b. Change of inventory method from LIFO to FIFO c. Change of inventory method from FIFO to LIFO d. All of these require retroactive adjustment.
Uniform delivered pricing
A. is just an extension of F.O.B. pricing. B. results in all buyers paying less than the actual transportation costs. C. usually results in higher delivered prices for everyone. D. is most often used when transportation costs are relatively low. E. None of these answers is correct.
A Microsoft Access 2013 switchboard provides application menuing capabilities in Microsoft Access 2013
Indicate whether the statement is true or false