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Problem 1: Assume you prepay Fitness First for a package of eight physical training sessions. Which type of account should you have in your records?
A. Accrued revenue
B. Accrued expense
C. Prepaid expense
D. Unearned revenue
Problem 2: Unearned revenue is always:
A. owners' equity because you collected the cash in advance.
B. revenue.
C. a liability.
D. an asset.
How should sales force.com respond, if at all, to the criticism that its method of accounting for sales commissions distorts the company's financial performance
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What are the amounts and descriptions for all of the company's long-term liabilities on its balance sheet for the two most recent years? What is the interest expense for the two most recent years? What amounts are included in the cash flow statements..
In the intercompany transfer of depreciable assets, it is likely that the acquiring company may be making different use of the asset than did the seller. As such, the salvage value and/or the expected useful life of the asset may be changed. Is it ap..
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