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NEW QUESTION: 1
Under accrual accounting, which of the following is/are correct?
I. Revenues are recognized when cash is received.
II. Expenses do not always involve cash flows.
III. Revenues and the related costs are matched in the same period.
IV. The reported income is a good indicator of the firm's current performance.
A. I & II
B. II, III & IV
C. I, II, III & IV
D. I & III
Answer: B
Explanation:
Explanation/Reference:
Explanation:
Accrual accounting requires that revenues and gains be recognized when earned and expenses and losses be recognized when incurred. Hence, revenue recognition is completely separate from cash flows.
In the sales process, the earnings process is completed when goods are delivered and that's when revenue is recognized under accrual accounting.
NEW QUESTION: 2
The Debugger displays a maximum of eight data objects at one time.
A. False
B. True
Answer: B
NEW QUESTION: 3
One of your users is receiving the error message "ITATS006E Station is suspended for User jsmith" when attempting to sign in to the pvwa. Which utility would you use to correct this problem?
A. PVWA
B. PrivateArk
C. cavaultmanager.exe
D. createcredfile.exe
Answer: B
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