R
Rick
Guest
1.The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed
a.historical cost
b.contra asset
c.book value
d.market value
2.What effect will this adjustment have on the accounting records?Adjustment
Unearned Revenue 3,300 Fees earned 3,300
a.Increase net income
b.Increase revenues reported for the period
c.Decrease liabilities
d.All are true.
3. Owner's equity is increased by
a.cash
b.revenue
c.accounts receivable
d.all are correct
a.historical cost
b.contra asset
c.book value
d.market value
2.What effect will this adjustment have on the accounting records?Adjustment
Unearned Revenue 3,300 Fees earned 3,300
a.Increase net income
b.Increase revenues reported for the period
c.Decrease liabilities
d.All are true.
3. Owner's equity is increased by
a.cash
b.revenue
c.accounts receivable
d.all are correct