Posted by bran on Wednesday, April 1, 2009 at 10:31am.
1)The objectivity principle?
Means that information is supported by independent, unbiased evidence.
Means that information can be based on what the preparer thinks is true.
Means that financial statements should contain information that is optimistic.
Means that a business may not reorganize revenue until cash is received.
All of the above.
Is also called a sole proprietorship.
Has unlimited liability.
Has to have a written agreement in order to be legal.
Is a legal organization separate from its owners.
Has owners called shareholders
3)Unearned revenues are?
Revenues that have been earned and received in cash.
Revenues that have been earned but not yet collected in cash.
Liabilities created when a customer pays in advance for products or services before the revenue is earned.
Recorded as an asset in the accounting records.
Increases to owners' capital.
4)Prepaid expenses are?
Payments made for products and services that do not ever expire.
Classified as liabilities on the balance sheet.
Decreases in equity.
Assets that represent prepayments of future expenses.
Promises of payments by customers.
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