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- How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allBad debt expense is normally reported on the income statement as a(n) a. Operating expense b. Offset agaisnt gross c. Financial expense in the order items section d. Contra-revenue amountAdvanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income
- Which of the following items will not be shown in the balance sheet of ahotel? A. customer loyalty value B. accounts payable C. Intangible assets D. accrued taxesWhat is the difference between the cash basis and accrual basis of accounting as to the following: -Expenses, in general -Depreciation -Bad DebtsHow does expense recognition impact the accounting equation?
- Which of the following accounts is typically considered a contra-asset account in financial accounting? A) Accounts Payable B) Prepaid Rent C) Accumulated Depreciation D) Sales RevenueHow are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.Question: Which accounting principle states that revenue should be recognized when it is earned and expenses when they are incurred? a. Matching principle b. Revenue recognition principle c. Conservatism principle d. Time period principle
- Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An AssetWhich of the following is not a pervasive expense recognition principle? a. immediate recognition b. systematic and rational allocation c. cash payment d. association of cause and effectWhat type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense