Dividends declared increase retained earnings. Select one: A. True B. False Question 2 Purchasing land...
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Accounting
Dividends declared increase retained earnings.
Select one:
A. True
B. False
Question 2
Purchasing land for $500,000 by making a down payment of $100,000 and issuing a note payable for the balance will increase owners' equity.
Select one:
A. True
B. False
Question 3
Sales revenue is recognized in the period in which:
Select one:
A. Merchandise is delivered to the customer.
B. The customer orders the merchandise.
C. Cash payment is received by the seller.
D. Purchases are made to replace the merchandise sold.
Question 4
Martha had office expenses of $850 in June which she paid in July. She declared these expenses on her June income statement. By doing this she is following the accounting principle of:
Select one:
A. Revenue realization
B. Conservatism
C. Adequate disclosure
D. Matching
Question 5
Public accounting is the segment of the profession where professionals offer audit, tax and consulting services to clients.
Select one:
A. True
B. False
Question 6
Which account listed below is classified as a contra-revenue account?
Select one:
A. Cost of Goods Sold.
B. Gross profit.
C. Sales Discounts.
D. Purchases.
Answer & Explanation
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