15 May WHICH OF THE FOLLOWING STATEMENT IS FALSE?
Which of the following statement is false?
a)
When using accrual Accounting, revenues are recorded when the business earns a service fee.
b) If a sale on account is not recorded, the balance sheet reports no accounts receivables and
therefore, assets are understated.
c)
GAAP (Generally Accepted Accounting Principles) requires use of the cash basis of accounting.
d) Accrual Accounting records both cash and non-cash transactions.
2.
An example of a non-cash transaction under the accrual method of accounting includes:
e)
Receipt of payment from a customer when a sale is made.
f)
Collecting payments of accounts from customer
g) Depreciation expense
h) Payment of expenses
3.
On September 1st, Mr. Stone sold to Mr. Holt prepaid maintenance service of $ 6,000 for six months. As of
December 31st, what is the amount Mr. Stone unearned in revenue account?
a)
$0
b) $ 2,000
c)
$ 4,000
d) $ 6,000
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.