Meggie's Fitness center received $720 from a customer in advance for one year membership in the fitness center. The entry that would be made to record the fee receipt is:
a. Unearned revenue 720
Cash 720
b. Cash 720
Unearned revenue 720
c. Unearned revenue 720
Revenue 720
d. Revenue 720
Unearned revenue 720
B
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Which assertion addresses whether the financial statements items are properly classified in the financial statements?
a. Completeness. b. Existence. c. Valuation. d. Presentation and Disclosure.
The auditor prepares a schedule for marketable securities. Which of the following is not one of the items included related to the value of the securities?
a. Cost. b. Year-end market value. c. Carrying value for debt instruments. d. Interest and dividends.
For a change in accounting principles that management does not justify to the auditor, the auditor will likely choose between a qualified and an adverse opinion
a. True b. False Indicate whether the statement is true or false
Because of the robustness of modern technology, businesses today see infrequent changes in their IT systems and much longer system life spans
Indicate whether the statement is true or false