Which of the following is an asset exchange transaction?
A. Accrued salary expense at the end of the accounting period.
B. Collected cash on accounts receivable.
C. Recognized revenue earned on a contract where the cash had been collected at an earlier date.
D. Issued common stock.
Answer: B
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A. magnitude of dissonance B. schemata C. irrelevance D. personalism
Emerald Investments, Inc. purchased 40% of the common stock of Diamond Corporation on March 1, 2018. Diamond Corporation reports a net income of $675,000 for the year 2019. Which of the following is TRUE of the balance sheet on December 31, 2019?
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a. ex post facto. b. usufruct. c. ab initio. d. usury.