Entries by mary WAMBUGU

The accrual basis of accounting _______________. Question 19 options: recognizes revenues only when cash is received

August 29, 2019 in /by

The accrual basis of accounting _______________.Question 19 options: recognizes revenues only when cash is received is used by almost all companies recognizes expenses only when cash is paid out recognizes revenues when sales are made or services are performed, and recognizes expenses only when cash is paid o   Looking for a Similar Assignment? Order […]

 

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Which of the following statements is false regarding the closing process? Question 21 options: The Dividends account is closed to Income Summary.

August 29, 2019 in /by

Question Which of the following statements is false regarding the closing process?Question 21 options: The Dividends account is closed to Income Summary. The closing of expense accounts results in a debit to Income Summary. The closing of revenues results in a credit to Income Summary. The Income Summary account is closed to the Retained Earnings […]

 

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Which of the following statements is true regarding the classified balance sheet? Question 22 options: Current assets include cash, accounts receivable, and equipment.

August 29, 2019 in /by

Which of the following statements is true regarding the classified balance sheet?Question 22 options: Current assets include cash, accounts receivable, and equipment. Plant, property, and equipment is one category of long-term assets. Current liabilities include accounts payable, salaries payable, and notes receivable. Stockholders’ equity is subdivided into current and long-term categories   Looking for a […]

 

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Allocate income to partners Partnership Facts: 1. John, Alice and Dan are all general partners of a partnership. 2. John is the CEO of the partnership and is allocated a salary of $90,000 per year.

August 29, 2019 in /by

Allocate income to partners Partnership Facts: 1. John, Alice and Dan are all general partners of a partnership. 2. John is the CEO of the partnership and is allocated a salary of $90,000 per year. 3. Alice is the CFO of the partnership and is allocated a salary of $72,000 per year. 4. Dan is […]

 

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