Which of the following statements is true?
A)GAAP requires that unconditional non-cancellable purchase obligations be accrued and reported as liabilities on the balance sheet.
B)Unearned revenues collected in advance should be classified as deferred credits on the balance sheet.
C)GAAP requires that footnote disclosures of future payments resulting from off-balance-sheet financing transactions be disclosed separately for only the next five years.
D)If a company sells goods and agrees to repurchase them at a specified price, both a sale and a current liability should be recorded if the requirements of GAAP are to be met.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is true?
A)GAAP requires that unconditional non-cancellable purchase obligations be accrued and reported as liabilities on the balance sheet.
B)Unearned revenues collected in advance should be classified as deferred credits on the balance sheet.
C)GAAP requires that footnote disclosures of future payments resulting from off-balance-sheet financing transactions be disclosed separately for only the next five years.
D)If a company sells goods and agrees to repurchase them at a specified price, both a sale and a current liability should be recorded if the requirements of GAAP are to be met.

Which of the Following Statements Is True