Solved

Indicate Whether Each of the Following Statements Is True or False

Question 43

Matching

Indicate whether each of the following statements is true or false.

Premises:

Responses:

Recording a credit card sale increases total assets and increases total liabilities.

True

The income statement is not affected at the time the cash receipt is recorded.

False

Recording the collection of cash from the credit card company increases cash and increases revenue.

A benefit of accepting credit cards is that increased sales may be generated.

A benefit of making credit card sales is that there is no cost to the merchant.

Premises:

Recording a credit card sale increases total assets and increases total liabilities.

The income statement is not affected at the time the cash receipt is recorded.

Recording the collection of cash from the credit card company increases cash and increases revenue.

A benefit of accepting credit cards is that increased sales may be generated.

A benefit of making credit card sales is that there is no cost to the merchant.

Responses:

True

False

Correct Answer:

Premises:

Responses:

Recording a credit card sale increases total assets and increases total liabilities.

The income statement is not affected at the time the cash receipt is recorded.

Recording the collection of cash from the credit card company increases cash and increases revenue.

A benefit of accepting credit cards is that increased sales may be generated.

A benefit of making credit card sales is that there is no cost to the merchant.

Related Questions

Q26: Which of the following is a cost

Q38: [The following information applies to the questions

Q40: [The following information applies to the questions

Q41: Indicate whether each of the following statements

Q42: Indicate whether each of the following statements

Q45: The Griffin Corporation accepted a credit card

Q46: Indicate whether each of the following statements

Q48: Alberta Company accepts a credit card as

Q54: Which of the following is not considered

Q59: How is the average number of days

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

Scan the QR code to install the App and get 2 free unlocks

Unlock quizzes for free by uploading documents