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

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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 6TF: Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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

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