Revenues Are

question 43

Multiple Choice

Revenues are:

• A)cash receipts.
• B)increases in net assets from selling products or providing services.
• C)increases in net assets from occasional sales of equipment.
• D)increases in net assets from selling common stock.

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Definitions:

Internationally

Pertains to activities, transactions, or operations that occur between or involve more than one country.

Interest Expense

The cost incurred by an entity for borrowed funds, usually presented on the income statement as a cost of financing.

Note Payable

A written promise to pay a specific amount of money, usually including interest, at a future date or under specific conditions.

Adjusting Entry

Adjusting entry is a journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.