Which of the Following Is/are Not True

question 96

Multiple Choice

Which of the following is/are not true?

• A)Net income or profit for a period is the difference between revenues from selling goods and services and the expenses incurred to generate those revenues, plus some gains or losses of the period.
• B)If the expenses plus losses exceed the revenues plus gains, the result is a net loss.
• C)U.S.GAAP and IFRS require the accrual basis of accounting, which detaches the recognition of revenue from the receipt of cash.
• D)A seller recognizes revenues when it has performed all, or nearly all, of its obligations to the customer and when it has received cash or an asset that is convertible to cash.
• E)The firm recognizes and reports expenses that have a causal link with revenues, such as cost of sales, in the next accounting period.

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Definitions:

Acidity

A measure of a substance's ability to donate a proton or accept an electron pair in reactions, commonly associated with pH in aqueous solutions.

Stronger Base

A species with a greater tendency to accept protons compared to another base, often characterized by its higher basicity constant (Kb).

Conjugate Acid

The species formed when a base gains a proton (H+), characterized by the presence of an additional hydrogen compared to the original base.

Conjugate Base

The species that remains after an acid has donated a proton during a chemical reaction.