Which of the following statements is false?
A)An expense is a cost incurred to generate revenues.
B)Expenses are reported on the income statement as they are incurred.
C)Revenues are reported on the income statement as they are earned.
D)Revenues result in an increase in net assets, net income, and contributed capital.

Question

Quizplus · Accepted Answer

Revenues result in an increase in net assets, net income, and retained earnings. There is no impact on contributed capital from revenue.

Which of the Following Statements Is False