Log in
Accounting
6
answers
0
watching
393
views
25 Dec 2017

15 Economic resources that are controlled by the accounting entity as a result of past transactions and from which future benefits can be obtained are also known as? a. Revenues b. Liabilities C. Assets d. Equity e. None of the above The correct answer is 'c'.

word_media_image1.png
Watch
6
answers
0
watching
393
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Bunny Greenfelder
Bunny GreenfelderLv2
28 Dec 2017
Already have an account? Log in
Share

Related questions

16 Section 1000 of the CICA Handbook reference elements of the financial statements. Which of the following best describes an economic resource that is controlled by an entity as a result of a past transaction or event and from which future economic benefits may be derived? a. Asset b. Liability C. Owners Equity d. Expenses e. None of the above. The correct answer is 'a'.

2 The correct order for select elements on a chart of accounts is: a. Assets, revenues, liabilities, expenses, equity b. Assets, liabilities, revenues, expenses, equity C. Expenses, revenues, equity, assets, liabilities d. Assets, liabilities, equity, revenues, expenses e. None of the above The correct answer is 'd'.

10 Which of the following criteria is not a condition for the revenue recognition principle? a. The accounting entity receives the customer's payment in cash before revenue can be recognized b. The accounting entity has performed or substantially performed by providing goods or services to the customer c. In exchange for the accounting entity's performance the customer has promised to pay in cash or in a form and an amount that is measurable d. Where the accounting entity has received a promise to pay from its customer, collection is reasonably assured e. None of the above The correct answer is 'a'.

Related Documents

ACC1000
Final Exam
Study Guide
ACC1000 : Principles of Accounting and Finance
copperlocust831
ACC1100 Chapter Notes - Chapter -: Accounts Receivable, Share Capital, Capital Expenditure
salmonelk517
ACS1000
Final Exam
Study Guide
ACS1000 Study Guide - Final Guide: Trial Balance, Net Present Value, Performance Measurement
gilbear

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in