Revenues are reported when a. a contract is signed b. work is begun on the job c cash is received from the customer d, work is completed on the job The gross increases in stockholders equity attributable to business activities are called a. assets b liabilities c. expenses d. revenues If accounts payable have increased during a period. a expenses on an accrual basis are greater than expenses on a cash basis b expenses on an accrual basis are the same as expenses on a cash basis c expenses on an accrual basis are less than expenses on a cash basis d revenues on an accrual basis are less than revenues on a cash basis The inventory method that assigns the most recent costs to cost of merchandise sold is a weighted average b LIFO c. FIFO d specific identification Which of the following taxes would be deducted in determining an employee s net a. FICA taxes b FUTA taxes c. SUTA taxes d all are correct Net income will result when a revenues (credits) = expenses (debits) b revenues (credits) > expenses (debits) c expenses (credits) = revenues (debits) d revenues (debits) > expenses (credits)