increases assets, decreases stockholders' equity increases one asset, decreases another asset decreases assets, increases liabilities a ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The monetary value charged to customers for the performance of services sold is called a(n) asset net income capital revenue d ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Revenues are reported when a contract is signed cash is received from the customer work is begun on the job work is completed on the job d ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Expenses are recorded when cash is paid for services rendered a bill is received in advance of services rendered assets are used in the process of earning revenue assets are purchased c ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.ACBSP.APC.06 - Recording Transactions
increases assets, decreases stockholders' equity increases one asset, decreases another asset decreases assets, increases liabilities ANSWER: a DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The monetary value charged to customers for the performance of services sold is called a(n) asset net income capital revenue ANSWER: d DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Revenues are reported when a contract is signed cash is received from the customer work is begun on the job work is completed on the job ANSWER: d DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Expenses are recorded when cash is paid for services rendered a bill is received in advance of services rendered assets are used in the process of earning revenue assets are purchased ANSWER: c DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.06 - Recording Transactions
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx