Answer the following statements true (T) or false (F)
1. A company accidentally debited Accounts Receivable instead of Cash when recording a cash sale. The entry to correct this will include a credit to Accounts Receivable.
2. Revenue recognition under US GAAP closely matches IFRS requirements.
3. IASB standardized revenue recognition practices under US GAAP, reducing inconsistencies and improving comparability across industries
4. Guidance under the new revenue recognition standard is applied when a company determines that it is possible that revenue will be collected.
5. The first step in the revenue recognition process is to determine the transaction price.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. FALSE
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In the aggregate demand-aggregate supply model, everything else remaining unchanged, an increase in production costs shifts the ____ curve to the ____.
A. long-run aggregate supply; right B. long-run aggregate supply; left C. short-run aggregate supply; right D. short-run aggregate supply; left
Which of the following statements is true concerning prior service cost?
A) Prior service costs are the costs of retroactive benefits. B) Prior service cost is reported as a liability at the date of the plan amendment. C) Prior service cost is reported as a negative element of other comprehensive income at the date of the plan amendment. D) All of these answer choices are correct.
The equation that describes the relationship between the balance sheet and the income statement through the Retained Earnings account is as follows:
a. Retained Earnings (beginning) - Net Income = Retained Earnings (ending) b. Retained Earnings (beginning) + Net Income + Dividends = Retained Earnings (ending) c. Retained Earnings (beginning) - Net Income - Dividends = Retained Earnings (ending) d. Retained Earnings (beginning) - Net Income + Dividends = Retained Earnings (ending) e. Retained Earnings (beginning) + Net Income - Dividends = Retained Earnings (ending)
Which form of perceived risk most closely resembles class consciousness?
a. social risk b. performance risk c. time risk d. financial risk