Answer:
Revenue 2021 = $3,000,000
Revenue 2022 = $0
Explanation:
Given that,
Sold a parcel of land to a construction company = $3,000,000
book value of the land on Apache’s books = $1,200,000
In this case, revenue is identified at a point when the parcel of land is transferred to the construction company.
Therefore, full revenue from the sale of land should be recognized in the year 2021 because the transfer of land occured in 2021 and there will be no revenue reflected in the year 2022.
Revenue 2021 = $3,000,000
Revenue 2022 = $0
Answer:
The correct answer is the second option: unit of account.
Explanation:
To begin with, the particular concept of money, in the economics field, has a lot of application that can vary depending on wheter the use that person is going to give it to it. In the cases where the money is use in the accounts of the companies to keep the books in actual values of the day then the money has the function of acting as a unit of account in order to know how much is the amount that it has to be registered in the books and therefore that the banker is using the money as a unit of account for the bank.
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