Revenues are:O A. decreases in assets resulting from delivering goods or services to customers.O B. decreases in retained earnings resulting from delivering goods or services to customers.O C. increases in retained earnings resulting from delivering goods or services to customers.O D. increases in liabilities resulting from delivering goods or services to customers.

Name: Revenues are:O A. decreases in assets resulting from delivering goods
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Revenues are:O A. decreases in assets resulting from delivering goods or services to customers.O B. decreases in retained earnings resulting from delivering goods or services to customers.O C. increases in retained earnings resulting from delivering

Revenue is the amount of money that a business receives on conducting business i.e. sale of goods or…

Business

Accounting

Revenues are: O A. decreases in assets resulting from delivering goods or services to customers. B. decreases in retained earnings resulting from delivering goods or services to customers. C. increases in retained earnings resulting from delivering goods or services to customers. O D. increases in liabilities resulting from delivering goods or services to customers.

Revenues are: O A. decreases in assets resulting from delivering goods or services to customers. B. decreases in retained earnings resulting from delivering goods or services to customers. C. increases in retained earnings resulting from delivering goods or services to customers. O D. increases in liabilities resulting from delivering goods or services to customers.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17EA: For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid...

See similar textbooks

Similar questions

Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce revenues.
Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
For each of the following items, indicate whether a debit or a credit applies. A. increase in retained earnings B. decrease in prepaid rent C. increase in dividends D. decrease in salaries payable E. increase in accounts receivable F. decrease in common stock G. decrease in prepaid insurance H. decrease in advertising expense I. decrease in unearned service fees J. increase in office equipment
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid insurance B. increase in utilities expense C. increase in commissions earned D. increase in supplies E. decrease in retained earnings F. decrease in income taxes payable G. increase in unearned revenue H. increase in salaries expense I. decrease in notes receivable J. increase in common stock
If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? A. Assets understated B. Net Income understated C. Expenses understated D. Revenues understated
Revenues come from sales of goods and services to customers and result in A.decreased assets or increased liabilities B.decreases in both assets and liabilities C.increases in both assets and liabilities D.increased assets or decreased liabilities
Expenses are the cost of providing goods and services and result in: A.increased assets or decreased liabilities B.decreased assets or increased liabilities C.decreases in both assets and liabilities D.increases in both assets and liabilities
Which of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earnings
FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the earnings process c. when the company is entitled to its benefits d. when cash is received
We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets exceed Expenses c. Income exceeds Liabilities d. Income exceeds Expenses