This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Accrual accounting is an accounting system in which ________. A) measurement of income is NOT ... (Read 130 times)

wrbasek0

  • Hero Member
  • *****
  • Posts: 560
on: Jul 5, 2018
Accrual accounting is an accounting system in which ________.
 
  A) measurement of income is NOT based on cash receipts and cash disbursements
  B) measurement of income is based on cash receipts and cash disbursements
  C) all businesses prepare reports required by the FASB
  D) there are no timing differences

Question 2

If the physical count of the inventory revealed 158,000 of merchandise on hand and the inventory records reported 163,000, what would be the necessary adjusting entry to record inventory shrinkage?
 a. debit Merchandise Inventory, 158,000; credit Cost of Merchandise Sold, 158,000
  b. debit Merchandise Inventory, 5,000; credit Cost of Merchandise Sold, 5,000
  c. debit Cost of Merchandise Sold, 163,000; credit Merchandise Inventory, 158,000
  d. debit Cost of Merchandise Sold, 5,000; credit Merchandise Inventory, 5,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dlook33

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

d


wrbasek0

  • Member
  • Posts: 560
Reply 2 on: Jul 5, 2018
Gracias!

xiazhe

  • Member
  • Posts: 331
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Schematic of the Earth–Moon system (without a consistent scale) Schematic of the Earth–Moon system (without a consistent scale)
Frequency coding in the nervous system: Threshold stimulus. Frequency coding in the nervous system: Threshold stimulus.
The Head Start program was designed to increase the school readiness of low-income children. The Head Start program was designed to increase the school readiness of low-income children.
Procedures and Diagnostic Tests Related to the Female Reproductive System Procedures and Diagnostic Tests Related to the Female Reproductive System
The respiratory system. The respiratory system.
Philip wants to supplement his pension by $415 per month with income from his investments. His ... Philip wants to supplement his pension by $415 per month with income from his investments. His ...
Video: Introduction to Autism

For a complete list of videos, visit our video library