Recording revenue
A) increases assets and liabilities.
B) increases assets and shareholders' equity.
C) increases assets and decreases shareholders' equity.
D) has no effect on total assets.
Correct Answer:
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Q43: Accounting systems should record
A)all economic events.
B)events that
Q44: When an asset increases which of the
Q45: Shareholders' equity is increased by
A)dividends declared.
B)revenues.
C)expenses.
D)liabilities.
Q46: An expense
A)decreases assets and liabilities.
B)decreases shareholders' equity.
C)has
Q47: If services are performed on credit, then
A)assets
Q49: Which of the following items has no
Q50: An investment by the shareholders in a
Q51: A payment of a portion of accounts
Q52: If expenses are paid in cash, then
A)assets
Q53: The payment of a liability
A)decreases assets and
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