Kostner Financial Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received the client's check by mail on January 5
Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services performed?
A) Service Revenue
B) Unearned Revenue
C) Accounts Payable
D) Prepaid Expense
A
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Under the direct method of reporting cash flows, net income is adjusted for transactions impacting both net income and cash flows, but in different ways
a. True b. False Indicate whether the statement is true or false
Because Jeff Moore is single, he has only ____ to consider in making the job change
A) hisself B) himself C) himselve
Which of the following statements is FALSE with respect to supplier phase out?
a. Phasing out suppliers is costly and can disrupt the operations of both the buying and selling firms. b. The decision to switch to a new supplier should be made after careful consideration. c. A buying organization should include exit clauses in the contract to ensure that penalties for early contract termination are avoided. d. Phasing out suppliers is relatively easy and inexpensive.
The collection of an account receivable is an asset source transaction.
Answer the following statement true (T) or false (F)