ECON 1013- Final Exam Guide - Comprehensive Notes for the exam ( 147 pages long!)

• School: Acadia University
• Department: Economics
• Course: ECON 1013
• Professor: Birchallassistedby D.Verry

Document Summary

Which of the following is a liability: revenue received in advance, accrued revenue, prepayments, none of the answers provided. Which of the following is not a liability: allowance for doubtful debts, provision for employee entitlements, accounts payable, provision for warranties. Which of the following is not a liability: provision for warranty, prepayments, accrued expenses, revenue received in advance. Which of the following is not a liability: unearned revenue, provision for employee entitlements, accrued revenue, accrued expenses. Which of the following is a liability: unearned revenue, sales revenue, accrued revenue, prepayments. When unearned revenue increases: cash increases, an expense increases, an expense decreases. When a liability increases: cash may increase. B: another liability may decrease, expenses may increase. When a liability increases which of the following is correct: an expense may increase, an asset may decrease, shareholders" equity may increase, revenue may increase.