An Adjusting Entry for Accrued Revenues Increases an Asset Account

question 257

True/False

An adjusting entry for accrued revenues increases an asset account on the statement of financial position and increases a revenue account on the income statement.

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Definitions:

Management Theories

Conceptual frameworks that aim to explain and guide the practice of management in organizations.

Bureaucracy

An administrative framework marked by rigid rules, methods, and a clear chain of command, typically found in sizable institutions or governmental bodies.

Reliability and Stringency

Concepts relating to the consistency of a measure (reliability) and the strictness or rigor of procedures or criteria (stringency).

Discipline

The practice of training people to obey rules or a code of behavior, using punishment to correct disobedience.