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The revenue recognition principle dictates that companies recognize revenue in the period in which it was received rather than when it was earned- True or False?
false
Is it true that a loss occurs when your revenue exceeds your expenses?
False, revenue is gain
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
When a business incorporates it receives articles of incorporation from the Internal Revenue Service. is this true or false?
False
Related Questions
The revenue recognition principle dictates that companies recognize revenue in the period in which it was received rather than when it was earned- True or False?
false
Is it true that a loss occurs when your revenue exceeds your expenses?
False, revenue is gain
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
The activity variance for revenue is unfavorable if the actual revenue for the period is less than the revenue in the static planning budget true or false?
true
When a business incorporates it receives articles of incorporation from the Internal Revenue Service. is this true or false?
False
A revenue variance is unfavorable if the actual revenue is less than what the revenue should have been for the actual level of activity for the period true or false?
TRUE
Withdraws decrease owner's equity and are listed on the income statement as a deduction from revenue True or False?
False
A nazard true or false-accrual convention is when the revenue earned for a particular period is added to the expenses involved in making the revenue in that period-accounting?
It is false. The right answer is ,the revenue is matched with expenses involved in making the revenues in that period.\the difference will produce a profit or loss.
Deferred taxes arise from the use of the same method of depreciation for tax and reporting purposes. True or false?
False. Deferred taxes typically arise from differences in accounting methods or timing between tax reporting and financial reporting, such as using different depreciation methods for tax purposes than for financial statements. When the same method is used for both, there is generally no temporary difference, and therefore, no deferred tax implication.
True or false revenue and cash will always be the same amount?
TURE
Do revenue and expenses should be recorded in the same period to which they relate?
false
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