Which of the Following Is/are True

question 60

Multiple Choice

Which of the following is/are true?

• A)Revenues measure the inflow of net assets from operating activities.
• B)Expenses measure the outflow of net assets consumed in the process of generating revenues.
• C)Recognizing revenues and expenses always involves a simultaneous entry in an asset and/or liability account.
• D)Adjusting entries almost always involve an entry in at least one income statement and one balance sheet account.
• E)All of the above answer choices are true.

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Definitions:

Prototyping

The process of creating an early model or sample of a product to test concepts or feasibility prior to full-scale production or development.

Experimentation

The process of conducting tests and trials to discover something unknown or to test a hypothesis.

Product

Anything tangible or intangible (such as a service) offered by the company.

Storyboarding

A visual representation using sketches or images to outline or plan the scenes and sequence of a story, video, or presentation.