A company receives payment from one of its customers on August 5 for services performed on July 21. Which of the following entries would be recorded if the company uses accrual basis accounting?
A)
Cash 1,000
Accounts Receivable 1,000
B)
Salaries Expense 1,000
Cash 1,000
C)
Cash 1,000
Service Revenue 1,000
D)
Supplies 1,000
Cash 1,000
A
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Answer the following statements true (T) or false (F)
1. Culture refers to differences in people, such as race, age, social class, food preferences, and education level. 2. The United States is a low-context culture. 3. In collectivistic cultures, decisions are normally made by a single person with a high level of authority. 4. In collectivistic cultures, emphasis is placed on one person rather than groups, and decisions are made with the self and possibly the immediate family. 5. Power distance is the amount of perceived or felt equality or inequality between people in certain cultural or social contexts.
Capitalizing interest increases the recorded cost of a plant asset
a. True b. False Indicate whether the statement is true or false
The present value of a stream of revenue that can be produced by a customer is known as lifetime customer value
Indicate whether the statement is true or false
Cost of goods manufactured is equal to
A) Direct Materials + Direct Labor + Overhead. B) Beginning Work in Process Inventory + Total Manufacturing Costs - Ending Work in Process Inventory. C) Beginning Work in Process Inventory + Period Costs - Ending Work in Process Inventory. D) Beginning Work in Process Inventory + Product Costs.