A deferral refers to an event:
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A deferral refers to an event:
- A. that will never involve cash being paid at any time
- B. that will never involve an income statement account
- C. where the cash has already exchanged hands between the two parties
- D. where the cash has not yet been exchanged between the two parties
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- Which of the following is not normally increased by a cash inflow transaction? a) Advances from Customers b.) Unearned Revenue from Customer Loyalty Program c.)Unearned Revenue from Warranty Contracts d.)Deposits on Returnable Containersis a practice of transfering the ownership of a negotiable instrument such as a check by a payee to another. a. discounting b. bartering c. endorsing O d. signingTrue Or False? The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.
- The revenue recognition principle a. states that revenue is not recorded until the cash is received b. controls all revenue reporting for the cash basis of accounting c. is not in conflict with the cash method of accounting d. determines when revenue is credited to a revenue accountThe allowance method for uncollectible accounts a. Is required by Generally Accepted Accounting Principles. b. Allows for the possibility that some accounts will not be collected. c. Reports net accounts receivable for the amount of cash expected to be collected. d. All of the above are correct.If 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. False
- 3. Which of the following is inappropriate aggregation? A. Cash and cash equivalents (Cash on hand and time deposits) B. Trade. and other receivables (Notes receivable and advances to employees) C. Trade and other payables (Notes and bonds payable) D. Provisions (Liability from pending litigation and purchaseWhen an uncollectible account is recovered after it has been written off, which of the following accounts will be credited in the process? O Allowance for Doubtful Accounts and Cash O Accounts Receivable and Allowance for Doubtful Accounts O Cash and Account Receivable O Allowance for Doubtful Accounts and Bad Debts ExpenseWhich of the following is false? A. A liability is created when cash is received prior to delivery of the goods or services. 20. B. Revenue is recognized at the time of delivery of the goods or services if cash is received. C. Revenue is not recognized at the time of delivery of goods and services if cash is received after delivery of the goods and services. D. Collecting cash after delivery of a good or service does not create revenue on the income statement at the date of collection.
- A T-account for Cash cannot contain any credits. True FalseWhich of the following statements is false with regard to a Cash Receipts Journal?: All receipts of cash from customers should be recorded in it Receipts of cash from the owner should not be recorded in it Receipt of cash from cash sales should be recorded in it. Receipt of cash from borrowing should be recorded in it.The entry to replenish the petty cash fund debited Insurance Expense for postage. This would cause: A. Petty Cash to be overstated. B. Postage Expense to be overstated. C. Cash to be understated. D. Insurance Expense to be overstated.