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Question 33 Which of the following is a true statement? O Revenue decreases owners' equity and increases liabilities O Expenses decreases owners' equity and revenue increase owners' equity. O Expenses increase owners' equity and decrease liabilities. O Expenses increases owners' equity and revenues decrease owners' equity. Question 25 Which of the following items is not a type of accounting change? O Change to consolidated financial statements from individual financial statements. O Change in accounting principles used; for example, a change from LIFO to FIFO O Change in accounting estimate; for example, a change in the useful life or salvage value of a depreciable asset O Change in the majority owner of the company. D Question 37 2 Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project and the requirements for recognizing revenue over time are met. The total estimated cost of the project is $4,000,000 and the following information is available: ($ in thousands) Costs incurred Estimated completion costs Billings Year 1 $1,000 $1,500 $1,250 $3,000 $ 750 $1,750 $2,500 Year 2Year3 $1.500 s o Cash collected 500 1.500 $3,000 Using the percentage-of ompletion method of revenue recognition, how much income is recognized in Year 1? $625,000 $3,125,000 $250,000 $375,000