Which of the following statements are false? a. _Revenue is an asset. b. _Revenue is a subdivision

Question:

Which of the following statements are false?

a. _Revenue is an asset.

b. _Revenue is a subdivision of Owner’s Equity.

c. _Revenue provides an inward flow of Cash and/or Accounts Receivable.

d. _Withdrawals are part of Total Assets.
Preparing Financial Statements LO.1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting A Practical Approach Chapters 1-26

ISBN: 9780130911421

8th Edition

Authors: Jeffrey Slater

See More Books

Question Posted: Jul 01, 2024 03:00 AM

See More Questions

these questions. Advantages: Purchase less risky than Leasing because? High purchase costs? Is buying a property the best option for you? Outright Sale - buying property in full. Ownership is...
The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,116,000 Cost of goods sold: Inventory, Dec....
What is blood cellk Consider an economy with identical homothetic preferences. There are I agents and L goods. For each agent 1 >0, OL 1SisI where on > 0 for 1 >0, OL 1SisI where on > 0 for 1
Four wooden beams, each of length 2a, are nailed together at their midpoints to form the support system shown. Assuming that only vertical forces are exerted at the connections, determine the...
Refer to Example 13.1. a. Use a variable selection procedure to determine a model for this study. b. Do the model conditions appear to be valid for the model constructed in part (a)? Justify your...
Suppose you are developing a research program for a new bookstore serving your college or university. What kind of exploratory research would you recommend? Would you propose both qualitative and...
Establishing boundaries in academic engineering. How academic engineers establish boundaries (e.g., differentiating between engineers and other scientists, defining the different disciplines within...
John purchased for cash a Revenge automobile manufactured by Japanese Motors, Ltd., from an authorized franchised dealer in the United States. The dealer told John that the car had a 24-month,...
For Blue Spruce Company, variable costs are 60% of sales, and fixed costs are $238,000. Managements net income goal is $66,000. Compute the required sales in dollars needed to achieve managements...
Indicate whether the following items would appear on the Income Statement (IS), Statement of Owners Equity (OE), or Balance Sheet (BS). Preparing Financial Statements LO.1 a. b. C. d. B. Clo,...
Identify which of the following are not assets. The Accounting Equation Expanded LO.1 a. Supplies C. Legal Fees Earned b. Accounts Payable d. Accounts Receivable
Carson is a retail store that has given the task of preparing its budget for next year to a trainee accountant. The budget is prepared in quarters. The following is the profit budget report produced...
Jason is a sole trader in the architecture industry. For the year ending 30 June 2019, Jason hired a 3D model designer, Sarah, to help him with the growing business. At the end of the year he has the...
Read Case 14-1 Trojan Technologies (15th ed., p. 426 OR 16th ed., p. 431) Guiding Questions and additional information: In preparing your case study, ensure that you answer the following questions:...
Jorge Rimert works for Road to Success Collection Agency. He oversees mailing out collection notices to patients. Upon review of the patients who have not paid from Hideaway Hospital, Jorge notices...
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 99% confident that the estimated percentage is in error...
A 100 acre plot of land has a concentration time of 80 minutes. The area is residential single family homes with a C-0.40. What is the percent Increase in stormwater runoff from a 50 year recurrence...
Using the data in E 4 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion costs for the year ended December...
Chicago Company sold merchandise to a customer for $1,500 cash in a state with a 6% sales tax rate. The total amount of cash collected from the customer was $558. $600. $642. $636. Nevada Company...
Your company BMG Inc. has to liquidate some equipment that is being replaced. The originally cost of the equipment is $120,000. The firm has deprecated 65% of the original cost. The salvage value of...
1. What are the steps that the company has to do in time of merger transaction? And What are the obstacle that may lead to merger failure? 2.What are the Exceptions to not to consolidate the...
Problem 12-22 Net Present Value Analysis [LO12-2] The Sweetwater Candy Company would like to buy a new machine that would automatically "dip" chocolates. The dipping operation currently is done...

Which of the following statements are false? a. _Revenue is an asset. b. _Revenue is a subdivision

Question:

Step by Step Answer:

College Accounting A Practical Approach Chapters 1-26

Students also viewed these Business questions