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2.3 Which one of the following statements is correct? Select one: OA. An accrual is an expense that has been paid in advance. OB. A prepayment is a current liability on the Statement of Financial Position. OC. Revenue is realised as soon as the cash has been received. O D. Expenses are shown in the income statement when they are incurred. 2.4 Which one of the following equations is correct? Select one: OA. Total assets - total liabilities = profit OB. Total assets - total liabilities = equity OC. Total assets - total liabilities breakeven OD. Total assets-total liabilities = share capital =

2.3 Which one of the following statements is correct? Select one: OA. An accrual is an expense that has been paid in advance. OB. A prepayment is a current liability on the Statement of Financial Position. OC. Revenue is realised as soon as the cash has been received. O D. Expenses are shown in the income statement when they are incurred. 2.4 Which one of the following equations is correct? Select one: OA. Total assets - total liabilities = profit OB. Total assets - total liabilities = equity OC. Total assets - total liabilities breakeven OD. Total assets-total liabilities = share capital =

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...
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2.3 Which one of the following statements is correct? Select one: O A. An accrual is an expense that has been paid in advance. OB. A prepayment is a current liability on the Statement of Financial Position. OC. Revenue is realised as soon as the cash has been received. OD. Expenses are shown in the income statement when they are incurred. 24 Which one of the following equations is correct? Select one: OA. Total assets - total liabilities = profit OB. Total assets - total liabilities = equity OC. Total assets - total liabilities = breakeven OD. Total assets - total liabilities = share capital
Transcribed Image Text:2.3 Which one of the following statements is correct? Select one: O A. An accrual is an expense that has been paid in advance. OB. A prepayment is a current liability on the Statement of Financial Position. OC. Revenue is realised as soon as the cash has been received. OD. Expenses are shown in the income statement when they are incurred. 24 Which one of the following equations is correct? Select one: OA. Total assets - total liabilities = profit OB. Total assets - total liabilities = equity OC. Total assets - total liabilities = breakeven OD. Total assets - total liabilities = share capital
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