When you make sure you are using up-to-date information, you are using current information.
Answer:
A.
Debit Unearned Revenue $11,250
Credit Sales $11,250
Explanation:
B. It is an income for the company. Prepaid subscription is an expense for the company. Therefore, it is incorrect.
C. It is contradictory as the company already recorded the first quarter transaction. Therefore, Unearned revenue should be debit. So, it is also incorrect.
D. According to the revenue recognition, revenue is recognized when they are earned. Therefore, the company acquired the cash when the company received last year. So, it is incorrect.
E. Again, cash cannot be credit. Therefore, it is incorrect.
A is the correct answer. As, when the company received the payment, unearned revenue was credit. As the income is now recorded for the first quarter, $(45,000/4) = $11,250 of unearned revenue becomes earned. So, it is debit. Since it is a sale of a company, the sale becomes credit.
Explanation:
People may think I'm not excellent or talented if I behave like a fool ,but I usually have many brilliant ideas to mu great business.
Answer:
"B"
Explanation:
Segregation of duties is a major international control procedure where responsibilities are shared between two or more individuals.
The aim is to minimize or prevent the opportunity for a particular individual to execute and cover up fraudulent activities.
It is arranged in a way that an individual is in the position to keep a check over the activities of the other party.
The answer would be (D); Setting acceptable costs and then setting the price.
