____ will cause Deferred Revenue to decrease. A. Debit B. Credit
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A ____ will cause Deferred Revenue to decrease.
A. Debit
B. Credit
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- Excess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit Balancean increase in revenue is on the credit side hence a decrease in expense is also on credit side true or falseTrue or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?
- Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product to be shipped B. Cash to be transferred C. Service to be booked D. Performance obligation be fulfillWhich of the following statements is true?a. Credit sales increase receivables.b. Collections on account decreasereceivables.c. Write-offs of accounts decreasereceivables.d. All of these statements are true.Assuming the following account balances, what is the missing value?
- Liabilities and Revenues O Are decreased by debits and increased by credits O Are decreased by both debits and credits O May be decreased by a debit or a credit, depending on the situation Are decreased by credits and increased by debitsIf the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. Please explain with full explanation. a. True b. FalseWhich of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue