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";s:4:"text";s:4278:"B) Revenues decrease owner's equity, so a revenue account's normal balance is a credit balance. b. Materiality is a matter of relative size or importance. Those information included revenues, expenses, and … Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Which of the following statements about revenues, expenses, and net income is the most correct? The correct definition of an income statement includes which of the following? Feb 03,2021 - Consider the following statements :1. Five types of Financial Statements: 1) Income Statement: The income statement is one of the financial statements of an entity that reports three main financial information of an entity for a specific period of time. c. An item is material if its inclusion or omission would influence or change the judgment of a reasonable person. A. accrual basis must follow the revenue recognition principle but not the expense recognition principle B. accrual basis recognizes revenues when earned and records expenses when cash is paid C. accrual basis is the same as the cash basis The P&L statement shows a company’s ability to generate sales, manage expenses, and create profits. Tax revenue as a percent of GDP of India has steadily increased in the last decade.2. Net Profit of $16,000 Jessica is the co-owner for a local boutique and has recorded the following statements: Service Revenue: $15,000 Cash: $3,000 Accounts Receivable: $6,000 Office Supplies: $2,000 Salaries Payable: $1,000 Wages Expense: $15,000 Rent Expense: $2,000 Using this data, determine the net profit or loss for Jessica's boutique. Which of the following statements regarding year x1 is correct?The company recorded €20,000 as interest expense.The change in cash due to this loan was -€24,000.The ending balance of the bank loan liability at the end of year x1 was €76,000.The effect on the liabilities part of the balance sheet due to this loan was -€24,000. Which of the following statements about revenue is correct? b) Expenses decrease the equity of an organization. C) Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance. An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company's revenues and … A) Revenues increase owner's equity, so a revenue account's normal balance is a credit balance. a) Revenues increase the equity of an organization. Which of the following statements about materiality is correct? The income statement, sometimes called an earnings statement or profit and loss statement, reports the profitability of a business organization for a stated period of time. (a) Adjust the owner’s capital account for the revenue, expense and drawings recorded during the accounting period (b) Adjust daily the balances in asset, liability, revenue and expense accounts for the effects of business transactions '-'Your answer is correct. A profit and loss statement (P&L), or income statement or statement of operations, is a financial report that provides a summary of a company’s revenues, expenses, and profits/losses over a given period of time. Income Statement. A company's financial statements can give you a much better idea of how a business is performing than by simply looking at its revenue and earnings. The statement describes a business's revenues and expenses over a period of time. d. All of these answers are correct. Fiscal deficit as a percent of GDP of India has steadily increased in the last decade. a. 3. The statement identifies cash inflows and outflows during a period of time. The statement explains changes in equity over a period of time. An item must make a difference or it need not be disclosed. In accounting, we measure profitability for a period, such as a month or year, by comparing the revenues earned with the expenses incurred to produce these revenues. Which of the following statements is correct concerning the accrual basis of accounting? ";s:7:"keyword";s:60:"which of the following statements about revenues is correct?";s:5:"links";s:1480:"Tbc Enhancement Shaman Gear Guide, Benzene Burns In Air, Fortnite Gliders Skins, Low Income Apartments Henrietta, Ny, Oh You're Approaching Me Roblox Id, Bob's Burgers Eddie, Rv Slide Out Motor Replacement, Frozen Avocado Chunks Aldi, Vigilante Gta 5 Sell Price, Xenoblade Chronicles 2 Tachyon Chip, Dagon Short Film, National Security Movie Full Cast, ";s:7:"expired";i:-1;}