Question : 31. Revenue and expense accounts A. are permanent accounts.B. are temporary accounts. C. reflect cumulative : 1245927

 

 

31. Revenue and expense accounts 
A. are permanent accounts.
B. are temporary accounts.
C. reflect cumulative changes in each account since the organization of the firm.
D. record all cash receipts and cash disbursements.
E. none of the above

 

32. Which of the following is/are true? 
A. Cost is the economic sacrifice made to acquire goods or services
B. When the good or service acquired has reliably measurable future benefits to a firm, the cost is an asset.
C. When the firm consumes the good or service, the cost is an expense.
D. All of the above are true.
E. None of the above are true.

 

33. When assets and income from operations that a firm has decided to discontinue (and dispose of or abandon), separating the two income components allows users to form better predictions of  
A. past earnings.
B. current earnings.
C. future earnings.
D. all of the above
E. none of the above

 

34. Income statements contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?  
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. all of the above
E. none of the above

 

35. Income statements prepared under IFRS contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?  
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. separate disclosure of material income items
D. all of the above
E. none of the above

 

36. Income statements prepared under U.S. GAAP contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?  
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. all of the above
E. none of the above

 

37. U.S. GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other. Which of the following is/are true? 
A. Revenues and expenses result from the recurring, primary operating activities of a business.
B. Income items include the ordinary, recurring operating activities of the firm.
C. Gains and losses result from either peripheral activities or nonrecurring activities.
D. The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
E. all of the above

 

38. What criteria must sales transactions meet in order for the seller to recognize revenues before collecting cash?   
A. The revenues must be earned (the firm must have achieved substantial performance).
B. The amount to be received must qualify as an asset (there must be a future economic benefit and the amount must be measured with sufficient reliability).
C. The firm must have a reasonable expectation that it will collect the amount owed from the customer.
D. all of the above
E. none of the above

 

39. _____ arise from relatively infrequent transactions, and there can be no assurance that they will recur in any future period.  
A. Gains/Losses
B. Revenues
C. Expenses
D. Assets
E. Liabilities

 

40. Which of the following is/are false? 
A. Firms do not necessarily recognize revenues when they receive cash
B. Firms do not necessarily recognize expenses when they disburse cash.
C. Net income will not necessarily equal cash flow from operations each period.
D. A profitable firm will likely borrow funds in order to remain in business, but eventually operations must generate cash to repay the borrowing.
E. None of the above are false

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more