Expenditures are generally recognized when resources are acquired; expenses when resources are consumed. TRUE FALSE
Expenditures are generally recognized when resources are acquired; expenses when resources are consumed.
TRUE
FALSE
Homework Answers
This is true.
Expenditure indicates total spending for any resource requirement; such expenditure becomes an expense if such resource is used or consumed for production. Suppose material purchased for $5,000 and out of which $3,000 material is consumed.
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Expenditures are generally recognized when resources are
acquired; expenses when resources are consumed.
TRUE
FALSE
Most hospitals and healthcare organizations use accrual accounting which requires that revenue is recognized when services...
Most hospitals and healthcare organizations use accrual accounting which requires that revenue is recognized when services are performed (regardless of when the cash is collected) and expenses are recognized when resources are consumed in providing a service (regardless of when cash is paid). Group of answer choices True False
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but...
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but it is recognized as an expense in an Internal Service Fund. Select one: True False Revenue is recognized in governmental-type funds when it is earned. Select one: True False Under the modified accrual basis of accounting, expenditures are generally recognized in the period that goods and services are received, but there are a number of exceptions to that rule. Select one: True False
generally itemized deductions are personal expenses specifically allowed by tax law true or false
generally itemized deductions are personal expenses specifically allowed by tax law true or false
Difference between expenditures and expenses Based on the information shown below, calculate for the year ended...
Difference between expenditures and expenses Based on the information shown below, calculate for the year ended December 31, 2019, (a) the total amount of expenditures that would be recognized when using the current financial resources measurement focus and modified accrual basis of accounting, and (b) the total amount of expenses that would be recognized using the economic resources measurement focus and accrual basis of accounting. Salaries paid in cash during 2019 Salaries applicable to 2019, due to be paid January...
True or False: The limiting reactant is the reactant that is not completely consumed. True or...
True or False: The limiting reactant is the reactant that is not completely consumed. True or False: A balanced chemical equation and stoichiometry can be used to determine amounts of reactant required or product formed.
Take Survey 3-question survey Ch 4-7) TB TF Qu. 04-130 Selling costs are recognized as expenses......
Take Survey 3-question survey Ch 4-7) TB TF Qu. 04-130 Selling costs are recognized as expenses... Selling costs are recognized as expenses in the period when goods are sold. True or False 54:11 False True
True or False publicly traded U.S. companies are able to supplement GAAP figures with additional non-GAAP...
True or False publicly traded U.S. companies are able to supplement GAAP figures with additional non-GAAP figures they deem necessary. An accrual always occurs when revenue and expenses are recognized and cash is received. Generally accepted accounting principles (GAAP) require related revenues and expenses to be recognized when cash is exchanged. The Financial Accounting Standard Board (FASB) establishes the rules for General Accepted Account Principles (GAAP). Generally Accepted Accounting Principles (GAAP) are a set of accounting rules, standards and financial...
The accrual basis of accounting recognizes expenses when cash is paid. True or False? Question 13...
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
Question 13 2 pts The accrual basis of accounting recognizes expenses when cash is paid. O True O False
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when...
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
True or false? Regarding factors of high solubility for substitutional solid solutions, generally more solute goes...
True or false? Regarding factors of high solubility for substitutional solid solutions, generally more solute goes into solution when it has higher valency than solvent (3 Points) True False
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but it is recognized as an expense in an Internal Service Fund. Select one: True False Revenue is recognized in governmental-type funds when it is earned. Select one: True False Under the modified accrual basis of accounting, expenditures are generally recognized in the period that goods and services are received, but there are a number of exceptions to that rule. Select one: True False
Difference between expenditures and expenses Based on the information shown below, calculate for the year ended December 31, 2019, (a) the total amount of expenditures that would be recognized when using the current financial resources measurement focus and modified accrual basis of accounting, and (b) the total amount of expenses that would be recognized using the economic resources measurement focus and accrual basis of accounting. Salaries paid in cash during 2019 Salaries applicable to 2019, due to be paid January...
Take Survey 3-question survey Ch 4-7) TB TF Qu. 04-130 Selling costs are recognized as expenses... Selling costs are recognized as expenses in the period when goods are sold. True or False 54:11 False True
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
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$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
True or false? Regarding factors of high solubility for substitutional solid solutions, generally more solute goes into solution when it has higher valency than solvent (3 Points) True False
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