Which of the following is/are true?
a. Revenues measure the inflow of net assets from operating activities.
b. Expenses measure the outflow of net assets consumed in the process of generating revenues.
c. Recognizing revenues and expenses always involves a simultaneous entry in an asset and/or liability account.
d. Adjusting entries almost always involve an entry in at least one income statement and one balance sheet account.
e. All of the above answer choices are true.
E
You might also like to view...
A sales ticket is a document created as evidence of a sale in a retail business
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1.For most nations, the ratio of imports to total purchases in the public sector is much higher than in the private sector. 2.According to the U.S. Buy American Act, federal government agencies cannot purchase materials and products from U.S. suppliers if their prices are higher than those of foreign competitors. 3.For the United States, the Buy American Act has tended to increase consumer surplus for U.S. buyers of protected merchandise. 4.An effective Buy American law would tend to increase U.S. producer surplus at the expense of U.S. consumer surplus. 5.An effective Buy American law results in deadweight welfare losses for the United States in the form of the protective effect and consumption effect.
Answer the following statements true (T) or false (F)
A normal four-to-three majority vote is required for passing new accounting standards.
A team typically handles decision making using the following methods except:
a. Consultative b. Authoritarian c. Democratic d. Consensus e. Directive