A claim against the customer is called a(n) _________.
Fill in the blank(s) with the appropriate word(s).
Answer: accounts recievable
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If a company fails to adjust for accrued revenues:
A) liabilities will be understated and revenues will be understated. B) equity will be overstated and revenue will be understated. C) assets will be understated and revenues will be understated. D) liabilities will be overstated and revenues will be understated. E) assets will be overstated and revenues will be understated.
Assume that the value of diagnostic equipment suddenly falls because of technological obsolescence. How is the balance sheet adjusted to preserve the accounting identity?
a. Short-term liabilities are reduced. b. Long-term liabilities are reduced. c. Equity is reduced. d. Inventories are reduced. e. Cash is reduced.