Which of the Following Is Not True

question 107

Multiple Choice

Which of the following is 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:

Career Success

The achievement of desired career milestones and objectives, often characterized by promotions, increased responsibility, and personal fulfillment.

Virtual Team

A group of individuals who work together from different geographic locations, connected by technology.

Share Information

The act of making data, knowledge, or insights available to others for the purpose of collaboration or informed decision-making.

Monitor Role

The function of regularly checking and observing the progress or quality of something over a period of time.