Question 11 (1 point) Which of the following does not relate to the concept of relevance? The information has feedback/confirmatory value Both material and in material information is important The information must be capable of making a difference in a decision The information has predictive value Question 12 (1 point) Cash from customers paying for services is classified as cash from investing activities on the Statement of Cash Flows. True False Question 13 (1 point) When money is received from a customer before delivery of goods or the performance of a service, it is recorded as deferred (or unearned) revenue. True False Question 14 (1 point) The general term used to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is an) asset contra asset prepayment accrual Question 15 (1 point) The common characteristic of both assets and liabilities is that they both represent a present responsibility result from a past transaction or event. provide an economic benefit represent contractual or other rights, Previous Page Next Page Page 3 of 8