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Hi, I want the answer for this questions please Generally accepted accounting principles regulate how and what financial information is reported by businesses. Select one:
Hi, I want the answer for this questions please
Generally accepted accounting principles regulate how and what financial information is reported by businesses. Select one: True False The Statement of Changes in Equity Shows a Company's Transactions with its Owners Select one: True False Net loss is the excess of total expenses over total revenues. Select one: True O False The balance sheet represents the accounting equation Select one: True O False company reported monthly revenues of $365,000 and expenses of $225,000. What is the result of operations (net income) for the month? a. Net income of $140,000 O b. Net income of $145,000 . Net income of $590,000 O d. Net income of $140,050 Receiving payments on an account receivable increases both equity and assets. Select one: True False Accounts receivable refer to the amount of cash the company expects to pay to its debtors. Select one: True False How would net income be most likely to affect the accounting equation? O a. Increase assets and increase liabilities b. Decrease assets and decrease liabilities Increase assets and increase shareholders' equity Od. Increase liabilities and decrease shareholders' equity Which financial statement covers a period of time? O a Statement of Owner's Equity O b. Balance Sheet Oc Income Statement and Statement of Owner's Equity Od. Income Statement Noora is considering selling her store's old equipment to Rashid. Rashid would like to pay 1000 Rial for the equipment. How can Noora record the value of the equipment in her business' accounting records? Should Noora write the market value, Noora's cost, or the amount she will receive from the sale? a. Historical cost principle Ob. Faithful Representation . Entity assumption Od Stable-monetary-unit assumptionStep by Step Solution
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