Describe the two important guidelines for revenue recognition.
What will be an ideal response?
The two important guidelines for revenue recognition include: Revenue is recognized (1) when goods or services are provided to customers and (2) at the amount expected to be received from the customer. Assets received from selling products and services do not need to be in cash. Revenue recognized is measured by cash received plus the cash equivalent of other assets received.
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Match each of the following terms with the appropriate definitions.a. Depletionb. Bettermentc. Ordinary repairsd. Units-of production methode. Intangible assetsf. Accelerated depreciationg. Amortizationh. Goodwilli. Total asset turnoverj. Revenue expenditure____ 1.The amount by which the company's value exceeds the value of its individual assets and liabilities.____ 2.A cost reported as an expense on the current income statement because it does not provide a material benefit in future periods.____ 3.An expenditure that makes a plant asset more efficient or productive.____ 4.A method of depreciation that yields larger expense during the early years of an asset's life and smaller expense in the later years.____ 5.Expenditures to keep a plant asset in good operating condition.____ 6.The
process of allocating the cost of a natural resource to the period when it is consumed.____ 7.A measure of a company's effectiveness in using its assets to generate sales.____ 8.The process of systematically allocating the cost of an intangible asset to expense over its estimated useful life.____ 9.A depreciation method that charges a varying amount to expense for each period of an asset's useful life depending on its usage.____10.Nonphysical assets used in operations that give long-term rights or competitive advantages to their owners. What will be an ideal response?
Which of the following is not an example of a Bernoulli random variable?
a. P = whether or not a person plays tennis b. G = the gender of a person having surgery for coronary artery disease c. T = whether or not a toy functions properly d. W = the number of people who register for a workshop
Which of the following is NOT true of poor data and/or database administration?
A) Data timing problems B) Multiple entity definitions C) Unknown meanings of stored data D) Maintaining a secure server
What does functional dependence mean? Illustrate with an example
What will be an ideal response?