In December 2020, Quebecor Printing received magazine subscriptions for 2021 from customers, who paid $500 in cash. What would be the appropriate journal entry for this event in December 2020?
A. Debit Subscription Revenue, $500; credit Cash, $500.
B. Debit Cash, $500; credit Deferred Revenue, $500.
C. Debit Cash, $500; credit Subscription Revenue, $500.
D. No journal entry is necessary.
Answer: B
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Which of the following describes the financing activities section of the statement of cash flows?
A) It includes increases and decreases in long-term assets. B) It includes cash inflows and outflows involved in long-term liabilities and equity. C) It includes interest and dividend income and cash payments for interest expense. D) It reports on activities that create revenue or expenses for the entity's business.
"Perfection" is required in order for the secured party to enforce rights against the debtor
Indicate whether the statement is true or false
The ________ is based on values, principles and core practices
A) fragile approach B) open source approach C) closed source approach D) agile approach
Sheila sells stock, which has a basis of $12,000, to her daughter for $7,000, the stock's fair market value. Subsequently, the daughter sells the stock to an unrelated party for $5,000. Which of the following is true for Sheila and her daughter?
A.
| Sheila | Daughter |
| recognizes no loss | recognizes loss of $2,000 |
B.
| Sheila | Daughter |
| recognizes loss of $3,000 | recognizes loss of $2,000 |
C.
| Sheila | Daughter |
| recognizes no loss | recognizes loss of $5,000 |
D.
| Sheila | Daughter |
| recognizes loss of $3,000 | recognizes loss of $5,000 |