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Home  arrow Chapter 3  arrow Self-Study Quizzes  arrow True or False

True or False

This activity contains 5 questions.

Question 1.
Unearned service revenue would appear on the balance sheet as a current liability.

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Question 2.
Cash-basis accounting is based on a conceptual framework of accounting concepts and principles.

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Question 3.
Depreciation is every bit as much an expense as the salary that a business pays its employees.

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Question 4.
Revenues and expenses relate to a particular accounting period and are called temporary accounts.

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Question 5.
A relationship is established among the financial statements since revenue accounts flow from the income statement to the statement of retained earnings and the balance sheet.

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