For non-profit entities that are also merchandisers, inventory is valued at:
A) lower of cost and current replacement cost. B) lower of cost and net realisable cost. C) lower of cost and estimated selling price of the inventory. D) net reliable cost.
Assuming unearned revenues are originally recorded in balance sheet accounts,the adjusting entry to record earning of unearned revenue is:
A) Increase an expense; increase a liability. B) Increase an asset; increase revenue. C) Decrease a liability; increase revenue. D) Increase an expense; decrease an asset. E) Increase an expense; decrease a liability.