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32.On December 31, 2015, the net assets of Martinez Manufacturing amounted to $40,000. Net income calculated by using the financial capital maintenance concept amounted to $12,000. During the year, additional common stock was issued for $8,000, and $5,000 of dividends was paid. The net assets at January 1, 2015, amounted to
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33.Georgio Company began 2015 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2015, owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2015 were
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34.In general, revenue is recognized as being earned
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35.?To be recognized as revenue, an item must
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36.Which of the following is not recognized by the FASB as an expense recognition principle that properly matches expenses against revenues?
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37.Examples of matching expenses against revenues using the association of cause and effect include all of the following except
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38.Depreciation is an example of which expense recognition principle?
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39.Which of the following expenses is an example of expense recognition under the immediate recognition principle?
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40.In distinguishing between revenues and gains, which of the following statements is false?
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