Financial Accounting.?1. Answer T (true) or F (false) for each of the following statements
1. Revenue is a measure of expected inflow cash from selling goods and providing services.
2. Expenses are a measure of expected outflow of cash consumed, in the process of generating revenues.
3. Dividends represent distributions of earnings and decrease owners’ equity.
4. Depreciation expense reflects used/consumption of fixed assets.
5. Depreciation associated with land is dependent on the life and eventual use of the land
6. Assets = Liabilities + Contributed Capital + Retained Earnings
7. Under the accrual basis of accounting, revenue is recognized in the period when the cash is received as opposed to when the patient service is made.
Textbook healthcare finance 6th edition L Gapenski & K Reiter (2016)