HBX - Accounting Questions and Correct Verified Answers Latest Version
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Course
HBX
Institution
HBX
Accounting Equation
Assets = Liabilities + Owner's Equity
Assets
resources owned or controlled by an entity that will produce benefits in
the future.
Be purchased at a cost that is measurable
Produce probable economic benefit in the future
Result from a past event
Be owned or contr...
✓ requires that a company match its expenses to the related revenues in
the accounting period to which they relate
Is Deferred revenue an asset or a liability?
✓ Liability
Is Prepaid expense an asset or a liability?
✓ Asset
Conservatism
✓ require that businesses choose measurement methods that anticipate
and record future losses but don't anticipate and record future gains;
meant to keep business managers from using their discretion to report
overly favorable financial results;
Relevance
✓ information is useful and also capable of influencing the decision of the
users of the financial statement
Reliability
Master01 | September, 2024/2025 | Latest update
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