The timing of income from services can often be controlled through the use of: a.U.S. GAAP accounting. b.The cash method of accounting. c.Service accounting. d.The accrual method of accounting. e.IFRS accounting.
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8. The timing of income from services can often be controlled through the use of:
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- What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhich of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.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 later
- What information can best be elicited from a receivable ratio? A. company performance with current debt collection B. credit extension effect on cash sales C. likelihood of future customer bankruptcy filings D. an increase in future credit sales to current customers1.Read the statements below and answer the question - The earnings process should be completed entitling the bank to the right to receive - Obligations arises on the part of the customer to remit fixed or determinable obligations - Amount received is known and if not collected is collectable with reasonable certainty What do the above statement reflect? (A) Revenue recognition principles (B) Expenses recognition principles (C) Provision recognition (D) Debt recognition principles 2.An asset is anything that is capable of generating positive cash flows or other economic benefits in the future either by itself or in combination with other assets which the financial institution has acquired the right to as a result of past transactions or events. Although the capacity of the financial institution to control benefits is usually the result of legal rights, an item may nonetheless satisfy the definition of an asset even there is no legal control. Based on the above statement which of…What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
- 1. Under the traditional 4 C’s of credit analysis, which is the ability of a company to make payments on time? A. Collateral B. Covenant C. Capacity D. CharacterWhich of the following is true? a. When individual customers’ accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers’ accounts on the statement of financial position. b. Sales revenue is increased by a recovery of an account previously written off. c. It is appropriate to measure the impairment of receivables based on recognized sales and other revenues. d. A noninterest-bearing promissory note is measured on the statement of financial position at face value less the amount of unamortized discount.Which of the following entries is not one a firm would normally make? A)Debit cash, credit accounts receivable B)Debit cash, credit revenue C)Debit cash, credit salaries payable D)Debit cash, credit loans payable
- I need answer ASAP 1.b)Bills payable and promissory notes are negotiable instruments and are used mostly to replace_____Select one:O a. financial meansO b. term loansO c. long-term creditO d. trade creditO e. overdraft facilitiesWhich one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customer1. Which of the following statements on principles and measurements of accounting in Islamic finance is true. (A) Expense recognition is based on the principle that it is either directly or indirectly incurred to the earnings process. (B) Gain and loss recognition is realised as a result of reciprocal or non reciprocal transfer or appreciation or depreciation of recorded value of asset or liabilities due to changes in supply and demand (market mechanism). (C) Revenue recognition is based on the realisation principles (D) All of the above.
