Which of the Following Is a FALSE Statement

question 149

Multiple Choice

Which of the following is a FALSE statement?

• A)Revenues provide inward flows of assets.
• B)Revenue is categorized as an asset.
• C)Revenue is categorized as part of Retained Earnings.
• D)Revenues are generated from the sale of goods and services.

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Definitions:

Units Produced

The total quantity of items manufactured during a specific period.

Period Costs

Costs that are not tied directly to the production process and are expensed in the period they are incurred, such as selling and administrative expenses.

Product Costs

Costs that are directly linked to the creation of a product, including materials, labor, and overhead.

September

The ninth month of the Gregorian calendar.