A) Which of the following are examples of judgments made in the
accounting reporting process?
I. Useful life of machinery
II. Allowance for doubtful accounts
III. Obsolescence of assets
IV. Interest payment on bonds
Group of answer choices
A) I, II, III and IV
B) I, II and III
C) II and III
D) I and III
B) How much revenue should Ticketmaster recognize for each Blue Man Group ticket sold?
Group of answer choices
A) $9 because the $22 from the producer is similar to a negative cost of goods sold
B) $105 because the $83 is cost of goods sold paid to the Blue Man Group producer
C) $31 because both the fee from the customer and the Blue Man Group producer are earned
D) $114 because the $83 is cost of goods sold paid to the Blue Man Group producer
E) None of the above
C)
Which of the following industries would you expect to have the highest inventory turnover?
Group of answer choices
A) restaurant
B) car dealer
C) jewelry store
D) department store
A) Which of the following are examples of judgments made in the accounting reporting process?
Answer:
I. Useful life of machinery
II. Allowance for doubtful accounts
III. Obsolescence of assets
B) How much revenue should Ticketmaster recognize for each Blue Man Group ticket sold?
Answer.
C) $31 because both the fee from the customer and the Blue Man Group producer are earned.
Explanation.
Ticketmaster receive $9 as fees from each customer and $22 from producer of blue man group for selling ticket online. Therefore, he recognise ($9 + $22) as revenue earned when they sell ticket, because transaction is completed by the Ticketmaster.
C) Which of the following industries would you expect to have the highest inventory turnover?
Answer.
A) restaurant.
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