A deferral refers to an event:
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A deferral refers to an event:
- A. that will never involve cash being paid at any time
- B. that will never involve an income statement account
- C. where the cash has already exchanged hands between the two parties
- D. where the cash has not yet been exchanged between the two parties
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- Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered laterAdjustments to the company’s records based on the hank reconciliation are required for: A. additions to the cash balance according to the company’s records. B. deductions from the cash balance according to the Company’s records. C. both A and B. D. neither A nor B.The revenue recognition principle a. states that revenue is not recorded until the cash is received b. controls all revenue reporting for the cash basis of accounting c. is not in conflict with the cash method of accounting d. determines when revenue is credited to a revenue account
- Which of the following transactions does not affect cash during a period?a. A write-off of an uncollectible accountb. A purchase of a building with cashc. Issuing common stockd. Paying an accounts payableWhich of the following is not normally increased by a cash inflow transaction? a) Advances from Customers b.) Unearned Revenue from Customer Loyalty Program c.)Unearned Revenue from Warranty Contracts d.)Deposits on Returnable ContainersWhat is definition of record cash received from a customer for which Services have not been provided ? would it be accrued expenses, accrued revenues, prepaid expenses or unearned revenues
- Which is NOT an example of a type of event that is not currently recognized in the financial statements but could impact future cash flows? A. litigations against the company B. services that were billed to a customer on account but payment has not been received C. a contract to deliver goods D. existing contract to preform servicesAccounting If cash collected from customers is not yet recorded as revenue, what happens to it?Which of the following is not an example of a cash outflow? Select one: a. Purchase of inventory on credit b. pay employee wages and salaries c. cash withdrawal by the owner d. payment of income tax e. payment of accounts payable
- Which sentence is incorrect? Select one: a. Cash-basis accounting is not in accordance with generally accepted accounting principles. b. In the Accrual-Basis Accounting, expenses are recognized when incurred. c. In the Cash-Basis Accounting, Revenues recognized when cash is received. d. According to the GAAP in Accrual-Basis Accounting, companies recognize revenues when they record cash receipts for their services.Which of the following statement is incorrect regarding Cash and Cash Equivalents? a. Postage Stamps and expenses advances should be reported as office supplies or prepaid expense b. Undelivered or unreleased checks should be reverted back to Cash and Accounts payable. c. Cash set aside for long-term specific purpose or for acquisition of a non-current asset should be reported as non-current financial asset. d. Cash in closed banks or banks having difficulty or in bankruptcy should be classify as Cash and should be written down to its recoverable amount.The collection of cash from customers to which they owe to the entity from its past rendering of services would cause what effect on corresponding accounts? a. No effect on neither assets nor liabilities b. Decrease in assets c. Increase in assets d. Increase in liabilities
