journal?
Building - Credit; Accounts payable - Debit
Building - Debit; Notes payable -Credit
Building - Debit; Owner's equity- Credit
Building - Debit; Accounts payable – Credit
Which of the following is TRUE regarding the entry to recognize the depreciation expenses?
It is an application of matching principle
It is a closing entry
Usually includes an offsetting credit either to cash or accounts payable
It is done only at the end of financial year
Which of the following activities convert the income statement items from the accrual basis
of accounting to cash?
► Operating activities
► Investing activities
► Financing activities
► Non cash activities
Which of the following is NOT normally required for revenue to be recognized according to the revenue principle for accrual basis accounting?
The price is fixed or determinable
Services have been performed
Cash that has already been collected
Evidence of an arrangement for customer payment exists
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