The gain or loss from retirement of debt is reported under cash flows from operating activities on the statement of cash flows using the direct method.

Companies have the option of using either the direct or indirect method to prepare the operating section of the statement of cash flows.

All of the following are true regarding unearned revenues except:

Guidelines (rules-of-thumb) are general standards of comparison developed from:

Standards for comparisons in financial statement analysis do not include:

The first step in the processing of a transaction is to analyze the transaction and source documents.

Which of the following accounts is a permanent (real) account?

All of the following are true regarding unearned revenues except:

The cost-benefit constraint prescribes that only information with benefits of disclosure greater than the costs of providing it need be disclosed.

Depreciation expense for a period is the portion of a plant asset’s cost that is allocated to that period.