The adjusting entry for an accrued revenue has the effects of increasing assets and increasing net income.
Answer the following statement true (T) or false (F)
True
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Tomas and Saturn are partners who share income in the ratio of 3:1 . Their capital balances are $40,000 and $60,000 respectively. Income summary has a credit balance of $20,000 . What is Saturn's capital balance after closing income summary to capital?
a. $55,000 b. $75,000 c. $45,000 d. $65,000
The materiality of an item of financial information refers to the likelihood that its omission or misstatement would affect the decisions of those relying on that information and thus make differing choices if the information had been presented. This concept most closely relates to the
A) financial magnitude of the item B) verifiability of the item C) neutrality of the item D) confirmatory value of the item
Which of the following is an example of a "new" media?
A) television B) cable TV C) radio D) the Web
When customers have low involvement in a purchase but perceive significant brand differences, they will most likely engage in ________
A) complex buying behavior B) dissonance-reducing buying behavior C) habitual buying behavior D) variety-seeking buying behavior E) consumer ethnocentrism