Reference no: EM132738378
Questions -
Q1. Which of the following is not a criterion to recognize revenue under GAAP?
A. The earnings process must be completed.
B. A product or service must be provided.
C. Cash must be collected.
D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.
Q2. Which of the following best represents the matching principle criteria?
A. Expenses are reported in the period in which they were incurred.
B. Expenses may be reported in a different period than the matching revenues.
C. Revenue and expenses are matched based on when expenses are paid.
D. Revenue is recognized when an order occurs and not when the actual sale is initiated.
Q3. If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction?
A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue
B. Sales Revenue, Credit Card Expense, Accounts Receivable
C. Accounts Receivable, Merchandise Inventory, Credit Card Expense
D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
Q4. A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer?
A. $31,500
B. $19,250
C. $8,750
D. $7,000
|
Discuss workplace ethics in brief
: This week discusses workplace ethics. Sadly, this is a concept that we see all too often in the media. Using the company you chose for this week's ethical.
|
|
Public health policy and laws
: When dealing with public health policy and laws, we need to consider various aspects of the economy.
|
|
Discuss how you will discipline the given involved
: This week focused on ethics within the workplace. A company that fails to meet ethical standards can find itself in hot water. Using the real-world as an.
|
|
Effect future change in health care system
: How can case managers effect future change in the health care system? Be specific.
|
|
How much will car dealership record in Accounts Receivable
: The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable
|
|
Comprehensively exploring global health issues
: Age, gender, race, socioeconomic class, sexual orientation, religion, etc., of the target population. Stakeholders (local and global) related to problem chosen
|
|
What would be the value of her property in the market
: What would be the value of her property in the market if she wants to sell it, assuming a market capitalization rate of 6.50% compounded annually
|
|
How is the independent contractor hurt
: When workers are treated as independent contractors, they do not get a W-2 form at tax time, how is the independent contractor hurt
|
|
Element of effective safety management system
: Based on your perception and knowledge of Safety Management Systems, what is the most influential element of an effective Safety Management System?
|