Under accrual accounting, revenue is recognized when it is earned; therefore, accrued interest must be recorded at the end of the period
a. True
b. False
Indicate whether the statement is true or false
True
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In general, it costs ________ times more to replace a customer than it costs to keep a customer
A) two B) three C) four D) five E) six
Extra compensation items that are not paid directly to an employee are called ________.
A) bonuses B) benefits C) wages D) commissions
A small breach of contract damage amount fixed without regard to the amount of loss is known as:
a. reliance damages. b. out-of-pocket damages. c. nominal damages. d. None of these.
On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock for $15 per share. The number of shares authorized is 5,000, and the number of shares outstanding prior to this transaction is 1,200. Which of the following answers describes the effect of the January 12, Year 1 transaction? Assets=Liab.+Com. Stk.+Pd-in ExcessRev.?Exp.=Net Inc.Cash FlowA.6,600=NA+6,600+NANA?NA=NA6,600 FAB.8,250=NA+8,250+NANA?NA=NA8,250 FAC.8,250=NA+6,600+1,650NA?NA=NA8,250 FAD.8,250=NA+6,600+1,650NA?NA=NA8,250 IA
A. Choice A B. Choice B C. Choice C D. Choice D