At the end of the period, the total of the accounts receivable ledger balances must equal the Accounts Receivable balance in the general ledger
Indicate whether the statement is true or false
T
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Depreciation is an example of which expense recognition principle?
A) association of cause and effect B) systematic and rational allocation C) cost recovery D) immediate recognition
________ works by listing all the normal assumptions about an entity and then turning them around
A) Lateral marketing B) Attribute listing C) Reverse assumption analysis D) Forced relationships E) Morphological analysis
U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is not true?
a. Under the capital, or finance, lease method, the lessee records the signing of a capital lease the same as if the lessee sold the leased asset for an installment note receivable. b. Under the capital, or finance, lease method, the lessee recognizes interest expense on the lease liability, similar to recognizing interest expense on long-term notes or bonds. c. Under the capital, or finance, lease method, the lessee amortizes the leased asset, similar to recognizing depreciation on buildings and equipment. d. Under the capital, or finance, lease method, the lessee records the leased asset and the lease liability on the balance sheet at the present value of the contractual cash flows at the time of signing the lease. e. The capital, or finance, lease method, treats leases equivalent to installment purchases or sales, where the lessee borrows funds from the lessor to purchase the asset and the lessor recognizes profit at the time of sale.
An airline boarding its passengers by passenger status is an example of?
a. Complementary services b. Reservations c. Demand sorting d. Pricing policies/promotions