Revenues are recognized when: Inventory is purchased for resale The accounting p

Question

Revenues are recognized when: Inventory is purchased for resale The accounting period ends A sale takes place or a service is performed Cash is collected Inventory is manufactured for resale During March, Groh Corporation completed the following transactions: Purchased inventory for $18,000 on credit. Issued common stock for cash of $10,000. Purchased equipment for $7,950 cash. As a result of these transactions. Groh's total assets would: Increase by $28,000 Increase by $10,050 Increase by $17,950 Increase by $20,050 Which of the following types of accounts show how resources came into a firm? Liabilities Stockholders' equity Assets Both a and b A chronological listing of all of a company's economic transactions is maintained in a company's Minutes of the meetings of the board of directions Balance Sheet General Journal General Ledger An unearned revenue account is a(n): Liability Asset Contra-revenue Revenue The primary objective of financial accounting is to provide information: useful for making investment and lending decisions

Explanation / Answer

1. B

2.C

3. A

4.B

5.B

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