Which of the following is an asset exchange transaction?
A. Accrued salary expense at the end of the accounting period
B. Earned cash revenue for services provided
C. Issued common stock
D. Collected cash on accounts receivable
Answer: D
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The factor rating method has ______ steps.
A. five B. seven C. six D. eight
In the context of protecting your start-up, which of the following statements is true of growth hackers?
A. They know their customers inside and out. B. They restrict the creation of blogs. C. They prevent customers from participating in conversations related to a brand. D. They do not believe in testing different strategies.
Skylar was promised a promotion if she would attend a benefit with her boss. The dinner is out of town and would require an overnight stay in which only one room was reserved. This is an example of quid pro quo.
Answer the following statement true (T) or false (F)
The revenue recognition principle:
A) Prescribes that accounting information is based on actual cost. B) Provides guidance on when a company must recognize revenue. C) Prescribes that a company report the details behind financial statements that would impact users' decisions. D) Prescribes that a company record the expenses it incurred to generate the revenue reported. E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.