Decreases in equity that represent costs of assets or services used to earn revenues are called: ()
A. Liabilities.
B. Equity.
C. Withdrawals.
D. Expenses.
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The statement of owner's equity: ()
A. Reports how equity changes at a point in time.
B. Reports how equity changes over a period of time.
C. Reports on cash flows for operating, financing, and investing activities over a period of time.
D. Reports on cash flows for operating, financing, and investing activities at a point in time.
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.
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.
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