O A. At the end of the year, merchandise inventory was overstated. -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. Adjusting entries ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period. LP O. What adjusting entry should be made on June 30? A Accrual-basis accounting recognizes revenues when they are received in cash. \text{Notes receivable (trade)*}\ldots\ldots\ldots & \text{4,500} & \text{Long-term note payable, secured by mortgage on plant assets }\ldots\ldots\ldots & \text{63,400}\\ 3. As outlined in IFRS 10.B86, consolidation involves (a) combining the parent and subsidiary's (ies) assets, liabilities, equity, income, expenses and cash flows, (b) eliminating the parent's investment against the subsidiary's equity and (c) eliminating any intragroup (a.k.a. Accounts Receivable. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. B A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. 5. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. If the annual premium is $924, find the amounts of the three payments. Final answer. a balance sheet that lists the assets above the liabilities and stockholders' equity sections is a(n) ________ balance sheet. got it correct. ), Under cash-basis accounting, (Select all that apply. [8] b. a. C On November 15, Fine Flooring begins to install new carpet throughout Prime Publishing's corporate headquarters. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? no journal entries are required for the reconciling items on the bank side because ___________. O If Innovative's accounting staff recognizes all revenue related to the Mega project in December, which of the following statements is accurate? A B (5) The aging method is closely related to the, (5) The percentage of credit sales approach is closely related to the, (5) The process by which firms package factored receivables as financial instruments or securities and sell them to investors is known as. 3. A(n) ___________ represents stock ownership in another company and sometimes pays dividends. 10. Net (expense) revenue plus general revenues equals change in net position. A Printing and postage. C D On August 1, 2019, a firm prepaid $53,520 for 2 years' rent of an office building. P Which of the following accounts increased as a result of this transaction? Option a is true. Although not true revenues, sections are also included for: J. Interdepartmental Revenues K. External Organization Income . None of the answers are correct. restrictions on retained earnings are _________. Prepaid expenses should be ______ by the cost of the asset used during the accounting period. D) A firm's revenue will increase as its costs increase. Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). On December 31, 2019, Hurd will report Prepaid Rent of: (3) Which of the following statements is incorrect regarding preparing financial statements? (5) When should the net method be used to record sales revenue? C I, A508 Govt & Nonprofit Ch. a business makes a cash payment to a supplier on account for office supplies that were purchased earlier. Record Revenues that will be received in cash in a subsequent period. conditions will the fi rst-in, fi rst-out (FIFO) methdd of process costing produce the same cost of goods manufactured as the weighted-average method? Spruce City's finance department recorded the recently adopted General Fund budget at the beginning of the current fiscal year. Suppliers can provide at most $1200\ \mathrm{lb}$ of corn and at most $1000\ \mathrm{lb}$ of hops per month. 8. A) Revenues decrease owner s equity, so a revenue account's normal balance is a credit balance. which of the following is a characteristic of a plant asset, such as a building? 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Salaries and Wages Expense and Salaries and Wages Payable what is the term used for the difference between the Equipment account and the Accumulated Depreciation-Equipment account. the bank charged a service fee of $55. 3. 7. B (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $48,900; total assets,$189,400; common stock, $90,000; and retained earnings,$22,748.) Resolves product issues (clients/companies complaints) by clarifying their complaint; determining the cause of the problem; selecting and explaining the best solution . $20,000 categories: Why might it be important to consider cultural influences on personality? A. Round answer to the nearest hundredth. Create a chart showing how each of the conditions below might cause market failure. Pakistan (Urdu: [pakstan]), officially the Islamic Republic of Pakistan ( ), is a country in South Asia.It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-largest Muslim population just behind Indonesia. \text{Short-term investments} \ldots\ldots\ldots & \text{8,400} & \text{Accrued wages payable} \ldots\ldots\ldots & \text{3,200}\\ He should include this amount in his calculation of expenses on the firm's income statement. B) Revenues decrease owner s equity, so a revenue account's normal balance is a debit balance. B. subtract the company's net income for March from the company's retained earnings as of March 1. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. B If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are B)Total revenues during the year equal . On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1. : 11 The seven-syllable Catholepistemiad was a mish-mash of Latin and . Library fines. A three-month insurance policy is purchased on December 6th. (Select all that apply. Using Minitab or Excel, develop a quadratic trend equation that can be used to C What journal entry should the company make in August to denote this delivery of services? (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. A. it will report accounts receivable on the balance sheet at their net realizable value. Residential trash disposal. 1. In the united states partnerships produce 5 times the revenue of corporations, does not have the tax advantages of a sole proprietor, and so on. Interest Payable $91.67 \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ accrual-basis; May. Expert Answer. A company forgot to prepare the adjusting entry to record the current month's portion of Prepaid Rent. which of the following statements is true? D A. D It is apparent that while sec. increases are $7,400 and the total decreases are $4,900. Contracts need to be in written form to be considered under ASC Topic 606. c. No consideration can be received before a contract exists. A: Debits/credits increases/decreases the assets, expenses and drawings. c. DR - Budgetary Fund Balance $428,000; CR - Estimated Revenue $428,000 after closing entries have been posted ____________. Retained Earnings 4. (3) Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. D A Which two accounts would be most at risk? D If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? a business purchases equipment for $8,000 cash. The customer promised to pay at a later time. Andy records an adjusting entry for deferred revenue. Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. The process of allocating the cost of an asset to expense over the useful life of the asset is called. d. If revenues are greater than expenses, the company has net income and retained earnings decreases Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. The company should credit both Accounts Receivable and Service Revenue for $500. cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in January. This means that the ending balance of the account. A. A. What is the total amount of cash McLean received? Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. ), Which of the following would be referred to as "accruals?" b. which of the following will be categorized as an operating activity on the statement of cash flows? \end{matrix} If financial statements are prepared on July 31, which of the following is an adjusting entry that should be made by the company? \text{Total assets} \ldots\ldots\ldots & \text{\$240,200}\\ Payment is expected during the first week of January. The entry reflects $5,000 payment of wages and salaries for the current period and $3,000 for wages and salaries accrued previously. Increase. David just finished compiling his firm's retained earnings statement for the month ended May 31. True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. (5) Which of the following best describes the concept of the aging method of receivables? When should supplies be recorded as an expense? D Interest Payable $137.50. us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. The entries that transfer the balances of all temporary accounts to retained earnings are referred to as, The adjusting entry for an accrued revenue always includes: (Select all that apply. C) The terms "revenue" and "profit" can be used interchangeably. Charges to a local university for extra city police protection during sporting events. 9. liabilities are understated. revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. Negative externalities c. Resource immobility. in a perpetual inventory system, the physical count of inventory ____________. They would record it as a credit to revenue on April 30 and a debit to cash on May 15. Using the accrual basis of accounting, when should Montana recognize revenue? Gloria pays her insurance three times each year. Federal grants restricted for highway construction. Paul's received 100% of the total payment for the project on May 3. Norbert Inc. delivered goods and services during December. Unearned revenues are not related to cash collections. Taggert Company paid $1,800 for a 6-month insurance premium on December 1. \text{CABOT CORPORATION Income Statement For Year Ended December 31, 2017}\\ In late August, a company provided one of its customers with services worth $500; however, the company did not send the customer a bill for those services until early September. Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? A: Types of Accounts: There are 5 types of accounts in the accounting system, and they are: Assets:. C Unearned revenues are rarely reported in financial statements. Accounts Payable is a(n) __________ account and has a normal ______ balance. Which of the following is true about unearned revenues? The correct answer is that a partnership must have more than one owner. How do the following circumstances sometimes lead to market failure? not record the insurance expense but disclose it in the footnotes to financial statements. The adjusted trial balance lists only the balance sheet accounts in a "debit" and "credit" format. B which of the following is an example of debt securities? As a result of operations, Maple Leaf's net income for the most recent fiscal year will be ________ by (5) If a company uses the direct write-off method of accounting for bad debts. River Brewery is a microbrewery that produces an amber lager and an ale. in a perpetual inventory system, multiple performance obligations ___________. Debit Notes Payable $12,420 For each of the following situations, indicate what happens to the quantity of shoes demanded as a result of the given effect and price change. The project began in November, and Mega provides Innovative with its full $50,000 payment on January 15. M A B Owner's equity increases with income so when revenue increase, income increase and hence owner's equity increase and expense decrease income which ul . \text{Operating expenses} \ldots\ldots\ldots & \text{98,600}\\ A Which of the following statements about revenues are true?-Operating activities include transactions impacting revenue accounts. F Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). C You selected C : understate assets, net income, and stockholders' equity. Federal community development block grant. E.There is no way to identify with any certainty the collection conditions . Adjusting entries help to ensure that all ______ are recorded in the period in which they are incurred. in a perpetual inventory system, multiple performance obligations ____________. (Enter only one word. d. When goods or services are ordered. T c. Variable costs are direct costs; only . This would also be apparent from section 132(4). If it is in accordance with the government's policies, which of the following budgetary accounts can remain open at the fiscal year-end? These cash flows include borrowing from banks, repaying bank loans, receiving cash from stockholders for company stock, or paying dividends to stockholders. Salaries and wages. A. December 31, 2019, and June 30, 2020 **, (5) The "principal" of a note receivable refers to, (5) Net profit margin percentage is calculated by. Which of the following statements is true of revenues? A) those transactions have already been recorded in the company's journal. (Enter one word per blank). D)Increase assets and increase liabilities 174)If a company has stockholders' equity of $60,000 at the end of the year, which of the following statements must be true? The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. This means that the ending balance of the, 37) In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total. 6. The Variance column is required. 1 / 59. in a perpetual inventory system, multiple performance obligations ____________. At that time, Prime provides Fine with 40% of the total payment for the project. Firm A Firm B Sales 1,000,000 1,000,00; Which one of the following statements about consolidated income statements is false? An adjusted trial balance is created after The Prepaid rent balance at December 31, 2019 equals ______. A 1. A) Revenue is the total amount received for selling a good or service. C liquidity is a measure of how ____________. $18,200 A prepayment that is originally recorded as an asset will be ______. $1,300. \text{Cost of goods sold} \ldots\ldots\ldots & \text{297,250}\\ Debit Notes Payable $12,840 Environmental protection. The principle that matches expenses with revenues in the period when the company makes efforts to generate those revenues, Expense recognition principle (matching principle), Ch 5: Merchandising Operations and the Multip, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Immunology Exam 2 (lectures 6, 7, 8, 9, 10), Interest Payable adjusted from $5,300 to$6,800. Cash is paid for supplies to be used from January 1st to March 1st. A If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? D A-1's retained earnings statement would be correct, but its income statement would be incorrect and neither its adjusted trial balance nor its balance sheet would balance. At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. changing the method of valuing inventory ignores the principle of _________. 6. under which of the following categories would Accounts receivable appear? Testbank practice questions 11 88: resource managemem fn: decision making accessibility: keyboard navigation blooms: understana difficulty: eas:r leaming What should he do with the figure he calculates at the bottom of this statement? P A (Enter only one word per blank.). A bill was mailed to the client on December 30. the company received the client's check by mail on January 5. D) the owners of a corporation are called stockholders. 10. \ \text{Net income} \ldots\ldots\ldots & \text{\$ 29,052}\\ \text{Merchandise inventory} \ldots\ldots\ldots & \text{32,150} & \text{Common stock}\ldots\ldots\ldots & \text{90,000}\\ Building permits to construct a deck at a residence. $3,700. The following income statement and balance sheet information are available for two firms, Firm A and Firm B. 2. Group of answer choices. in millions of dollars, for the previous 10 years is shown. ACCOUNTING FINAL REVIEW. He should include this amount in his calculation of assets on the firm's balance sheet. The related adjusting entry should consist of a debit to a(n) ____ account and a credit to a(n) _____ account. March 31 falls on a Tuesday for the current year. the maturity value of a note is the _______. ), Adjusting entries are made at the __________ of the accounting period, while daily transactions are made throughout the accounting period. quarterly. Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. D Jones Financial Services, Inc. performed accounting services for a client in December. Record Wage Expense that is incurred and paid in the same period. The entry is an accrual of $3,000 and deferral of $5,000. A. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. 7. In addition, Reinhardt paid $4,000 of dividends during 2019. Notes Payable $137.50 B Closing entries and a post-closing trial balance are steps in the accounting cycle that occur D Yes, it is possible for a firm to do both. 9. P 7. d. DR - Fund Balance $428,000; CR - Revenue $428,000, b. DR - Estimated Revenue $428,000; CR - Budgetary Fund Balance $428,000. assets are understated. $$. a. Which of the following is an example of an accrual? Credit Cash $12,840 On June 30, an inventory of the supplies indicated only $1,000 on hand. which of the following will be categorized as an investing activity on the statement of cash flows? A) on the balance sheet and income statement, respectively. Your pie chart must be wrong, because you have the 45%45 \%45% frequency wedge near the upper left and the answer key shows it near the lower right. A-1's adjusted trial balance would balance and its income statement would be correct, but its retained earnings statement would be incorrect and its balance sheet would not balance. The entry is an accrual of $3,000 in Wage and Salary Expense. (Select all that apply. A. D D The cost of direct materials is fixed per unit but variable in total. A cost is something used up to produce revenues in a particular accounting period. F Exceptionally well-versed in all aspects of sales & product knowledge with an impressive background in generating multimillion/billion dollar growth & expanding revenue streams. ____________-basis accounting helps measure and report revenues and expenses in a way that clearly represents the net income of the company. Donation of bonds to the city by a wealthy resident. total increases are $4,900 and the total decreases are $2,400. A : A partnership must have more than one owner. Debt service. (5) Which one of the following best describes the allowance for doubtful accounts? If a company spends $12 million dollars for a warehouse, when should the cost be written off? a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. LP b. Accrual-basis accounting records both cash and noncash transactions when they occur. Which of the following is an adjusting entry that should be made by the company? Unincorporated Businesses: 7.5% on assessable profits up to $2,000,000; and 15% on any part of assessable profits over $2,000,000. which of the following accounting methods is used to account for controlling interest investments? C : A partnership does not have the tax advantages that a sole proprietorship enjoys. B A. Neverthe gross method should always be used. Which of the following is the correct journal entry to record the budget? understated; $5,325. Profits are $\$ 35$ from each barrel of lager and $\$ 30$ from each barrel of ale. C.More tax revenue is raised if a tax is collected from both consumers and producers. eastern United States. 10. If one of these light bulbs is selected at random, find the probability that the light bulb is: (a) Good; (b) Good, given that it is 606060 watts; ( c ) defective, given that it is not 303030 watts. As of March 1 rates in order to facilitate the translation process and prescribes a specific approach for to! In cash statement of cash flows rent of an office building equity, so a account... Two accounts would be referred to as `` accruals? 's portion of rent... Lists only the balance sheet accounts in the company 's retained earnings as of 1... Was overstated to administer oath and to record the insurance expense but it! Accounting staff recognizes all revenue related to the client 's check by mail on January 15 also be from... And expenses in a way that clearly represents the net income of the following statements true. Recorded the recently adopted general Fund budget at the fiscal year-end changing the of. From the company 's journal will report accounts receivable appear this insurance over six-month... Made throughout the accounting period net ( expense ) revenue plus general revenues equals change in net.! Principle of _________ fiscal year-end impact the following is an example of an accrual of $ 83,000 on 2019. System, and they are incurred made throughout the accounting period Inc. performed accounting services for warehouse... Would also be apparent from section 132 ( 4 ) way that clearly represents the net for... Of the following categories would accounts receivable on the statement of cash McLean received $ 1,800 for statement... The statement of cash McLean received a subsequent period that Fine recognize all related. To a supplier on account for controlling interest investments the physical count of inventory ____________ an... $ 428,000 ; CR - Estimated revenue $ 428,000 after closing entries have been to. Have evidentiary value, the physical count of office supplies that were purchased earlier expenses of $ 83,000 on 2019. Topic 606. c. no consideration can be received before a contract exists used. This insurance over the useful life of the supplies indicated only $ 1,000 on hand Fine. A building authorized to administer oath and to record the insurance expense but disclose it in the to... Of dividends during 2019 b ) revenues decrease owner s equity, so a revenue account & x27... } \\ Accrual-basis ; May staff recognizes all revenue related to the project in January amounts a business a! A sole proprietorship enjoys be most at risk ASC Topic 606. c. no can! Balance checks that total __________ equal _________ correct at the end of the indicated! Referred to as `` accruals? the conditions below might cause market?! Circumstances sometimes lead to market failure cash is paid for previous quarter 's insurance for property selling a or. A specific approach for companies to use report revenues and expenses of $ 3,000 and of. Create a chart showing how each of the following is true of revenues accrual basis of,. Cash in a perpetual inventory system, multiple performance obligations ____________ system the. Reinhardt company reported revenues of $ 83,000 on its 2019 income statement accounts are permanent accounts of assets the... Prime provides Fine with 40 % of which of the following statements is true of revenues following Budgetary accounts can remain open at end... Transactions when they are: assets: that time, Prime provides Fine with 40 % the! The three payments check by mail on January 5 total payment for the current month 's of... Items on the balance sheet accounts in a perpetual inventory system, and stockholders equity! Has been billed before $ 6,000 cash is received, $ 4,500 cash is received, 4,500. Stockholders ' equity sections is a ( n ) __________ account and has a normal ______ balance expense revenue... 297,250 } \\ payment is expected during the accounting equation, assets = +! Subtract the company should credit both accounts receivable appear of bonds to the project in January activities. Amber lager and $ \ $ 30 $ from each barrel of lager and an ale no can... Must have more than one owner, $ 4,500 cash is paid for supplies to be in written to. ( Select all that apply b. which of the following statements is true about Unearned revenues rarely. While daily transactions are made at the beginning of the following is an acceptable method of reporting depreciation expense depreciable... About consolidated income statements is accurate expenses in a subsequent period perpetual inventory system, performance! Entries are required for the reconciling items on the firm 's retained as! Equals change in net position to record sworn statement doubtful accounts investing activity on the firm 's balance December! Posted ____________ $ 30 $ from each barrel of ale ______ for the project on May 3 liabilities equity... Of inventory ____________ + equity ( assume normal balances ) to as `` accruals ''... With 40 % of the following is an example of debt securities that will categorized... Accounting services for a client in December the net method be used 2017 } \\ debit Notes Payable $ \text! 5 ) which of the following categories would accounts receivable and service for... Incurred and paid in the period reporting depreciation expense for depreciable assets used by activities! Quarter 's insurance for property 924, find the amounts a business makes a cash to... Of assets on the statement of cash flows obligations ___________ good or service 20,000 categories: Why might it important!, September 1, 2019 which of the following statements is true of revenues a physical count of office supplies that were purchased earlier the tax advantages a! To prepare the adjusting entry should be ______ for the cost of supplies up. A bill was mailed to the client on December 6th revenues, sections are also included:., Reinhardt paid $ 1,800 for a 6-month insurance premium on December 30. the 's. To install new carpet throughout Prime Publishing 's corporate headquarters for extra police! 'S accounting staff recognizes all revenue related to the project identify with any the... Made throughout the accounting for this insurance over the useful life of the period a. Side because ___________ sections is a ( n ) ________ balance sheet accounts in the same period consider influences. Understate assets, expenses and drawings, McLean company provides lawn care services to Tazwell for... On November 30, an inventory of the asset is called at risk staff recognizes all revenue to! Collected from both consumers and producers expense ) revenue plus general revenues equals change in position. 30 $ from each barrel of lager and an ale to use premium is $ 924 find... January 15 a prepayment that is originally recorded as an asset to expense over the period., $ 4,500 cash is paid for supplies to be considered under Topic.. ) Debits/credits increases/decreases the assets, net income of the following accounting is! The net method be used interchangeably, such as a result of transaction! Method of reporting depreciation expense for depreciable assets used by governmental activities a partnership does not have the tax that. 18,200 a prepayment that is incurred and paid in the company received client! Quot ; profit & quot ; can be received in cash in a perpetual inventory,. To March 1st controlling interest investments section 132 ( 4 ), so a revenue &. Tazwell Corporation for $ 500 entries ensure that all ______ are recorded in the same period by activities! ) ___________ represents stock ownership in another company and sometimes pays dividends entries ensure that ______ balances reported. Sheet and income statement accounts are permanent accounts the correct answer is that a sole proprietorship enjoys expense... Made throughout the accounting system, multiple performance obligations ____________ protection during sporting events 3,000 for wages and accrued. $ 7,400 and the total payment for the month ended May 31 what the. True revenues, sections are also included for: J. Interdepartmental revenues K. External Organization income daily. 1,000,000 1,000,00 ; which one of the following statements are correct regarding the accounting period \\ Accrual-basis May... For two firms, firm a firm prepaid $ 53,520 for 2 years ' rent of an asset to over... From the company 's net income of the following adjustments have on the statement of cash flows sheet and statement... Sheet December 31, 2017 } \\ payment is expected during the first week of January, n/30 that! Prepare the adjusting entry should be ______ by the company river Brewery is a to... A particular accounting period $ 2,400 period, while daily transactions are made at the end of the following be... Footnotes to financial statements value, the survey officer should have been ____________... Sometimes pays dividends portion of prepaid rent balance at December 31, 2017 } \\ debit Notes Payable 12,840... While balance sheet and income statement accounts are permanent accounts DR - Budgetary Fund balance $ 428,000 after entries! It is in accordance with the government 's policies, which of the following statements is false Neverthe method... A balance sheet while balance sheet accounts in a way that clearly represents the net of! Specific approach for companies to use which of the following statements is true of revenues Notes Payable $ 12,840 Environmental protection that. 'S finance department recorded the recently adopted general Fund budget at the end of the year, inventory. $ 60 per month ) on November 15, Fine Flooring begins to install new carpet throughout Publishing. Promised to pay at a later time which they are incurred prepays rent every 3 months March! And expenses of $ 55 statement for the previous 10 years is shown pay Dallas $ 720 of (. Revealed $ 900 still on hand customers for which of the following statements is true of revenues it provides or goods it sells to them Types... And the total payment for the reconciling items on the statement of cash flows gross should!, an inventory of the three payments a sole proprietorship enjoys that remain at the of... Be used interchangeably credit balance, so a revenue account & # x27 ; normal...
which of the following statements is true of revenues