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Withdraws decrease owner's equity and are listed on the income statement as a deduction from revenue True or False?
False
Does Capital equals assets plus liabilities is this true or false?
This would be False:The GAAP account equation is Assets = Liabilities + Owners Equity (which includes capital)Therefore the correct equation would be:Assets - Liabilities = Owners Equity (minus not plus)There is no accounting equation that allows to adding assets and liabilities.
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
Withdraws decrease owner's equity and are listed on the income statement as a deduction from revenue True or False?
False
A balance sheet is a list of the assets liabilities and owners equity of a business for a period of time True or False?
false, it is a summary of the three things
The fundamental accounting equation is expressed as Assets Owner s Equity plus Liabilities True False?
True
Does Capital equals assets plus liabilities is this true or false?
This would be False:The GAAP account equation is Assets = Liabilities + Owners Equity (which includes capital)Therefore the correct equation would be:Assets - Liabilities = Owners Equity (minus not plus)There is no accounting equation that allows to adding assets and liabilities.
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
When the temperature is constant the volume of a gas will decrease as the pressure decrease true or false?
False, see Boyle's law
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
Is this true or false purchasing supplies on account increase liabilities and decrease equity?
True. When supplies are purchased on account, it increases liabilities because the business now owes money to the supplier. At the same time, this transaction does not immediately affect equity; instead, it reflects an increase in assets (supplies) and an increase in liabilities, which can indirectly affect equity over time as expenses are recognized.
Is this statement true or false Since supplies last for several months it is recorded as owner's equity?
Is this answer true or false. Since supplies last for several months it is recorded as owner's equity?
When an accounts payable account is paid in cash the owner's equity in the business decreases True or False?
False. Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
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
