Under the current-operating concept, increases in equity from peripheral or incidental transactions (transactions other than sales of products, merchandise, or services) are referred to as:
a. gains.
b. revenue.
c. comprehensive income.
d. accruals.
ANSWER: A
Business
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Tara Corp reported the following information for 2015 and 2016. Accounts receivable, December 31, 2015 $ 67,000 Accounts receivable, December 31, 2016 63,000 Sales (all on credit)—2016 745,000 How much cash was collected from customers during 2016?
a. $741,000 b. $745,000 c. $749,000 d. $753,000
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Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)
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