Reference no: EM132489186
Question 1: Microsoft sells Windows for $300 cash. The purchase price includes the software as well as access to telephone support and upgrades for the next three years. The undelivered elements represent 10% of the purchase price on average. The journal entry that Microsoft records at the time of sale includes:
A. A credit to revenue for $300
B. A credit to cash for $300
C. A credit to unearned revenue for $300
D. A credit to revenue for $30 and a credit to unearned revenue for $270
E. A credit to revenue for $270 and a credit to unearned revenue for $30.
F. A debit to contra revenue for $30 and a debit to cash for $270.
Question 2: Booz Allen Hamilton (NYSE: BAH) is a publicly-traded company which provides consulting services primarily to the federal government. It is headquartered in McLean, Virginia. Booz Allen Hamilton:
A. Must prepare its financial statements in accordance with U.S. GAAP.
B. Must prepare its financial statements in accordance with IFRS.
C. Must prepare its financial statements in accordance with government accounting standards.
D. May prepare its financial statements using either IFRS or U.S. GAAP.
E. Is not required to prepare financial statements
Question 3: Genuine Parts Company reported a LIFO reserve of $398 million at the end of 2017 and a LIFO reserve of $383 million at the end of 2018. The decrease in the reserve may have resulted because:
A. The company sold more inventory than it purchased in 2018.
B. The company purchased more inventory than it sold in 2018.
C. Input prices decreased from 2017 to 2018.
D. Input prices increased from 2017 to 2018.
E. Both a and c
F. Both b and d
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