QUESTION 4

The recognition of a revenue would most likely be accompanied by which of the following?

	A.	a decrease in assets
	B.	an increase in assets
	C.	the contribution of capital by an owner
	D.	an increase in liabilities
	E.	none of the other answers provided are correct

1 points

QUESTION 5

A gain on the disposal of a fixed asset will increase the following on the companys income statement

	A.	COGS
	B.	Non-operating Income (Loss)
	C.	Net Income (Loss) from Operations
	D.	Sales Revenue
	E.	None of the other answers provided is correct

1 points

QUESTION 6

Deferred expenses at the end of one accounting period relate to cash payments from a prior period.

True

False

1 points

QUESTION 7

Consider the following accounts introduced in Accy 201 and reintroduced in Accy 202.

(i) Accounts Receivable (ii) Depreciation Expense (iii) Sales Revenue (iv) Prepaid Insurance Expense (v) Retained Earnings

How many of these accounts would be reported on the balance sheet?

	A.	5
	B.	0
	C.	1
	D.	2
	E.	3
	F.	4