Unearned revenues are: ()
A. Revenues that have been earned and received in cash.
B. Revenues that have been earned but not yet collected in cash.
C. Liabilities created when a customer pays in advance for products or services before the revenue is earned.
D. Recorded as an asset in the accounting records.
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All of the following statements regarding accounting information systems are true except: ()
Accounting information systems collect and process data from transactions and events.
B. Accounting information systems organize data in useful forms.
C. Accounting information systems are crucial to effective decision making.
D. Accounting information systems do not establish internal control procedures.
Which of the following statements is correct?
A. The normal balance of accounts receivable is a credit.
B. The normal balance of supplies is a credit.
C. The normal balance of unearned revenues is a credit.
D. The normal balance of an expense account is a credit.
A credit: ()
Always increases an account.
B. Is the right-hand side of a T-account.
C. Always decreases an account.
D. Is the left-hand side of a T-account.
Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? ()
A. Going-concern assumption.
B. Matching principle.
Cost principle.
D. Business entity assumption.
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