Which of the following conditions is not a requirement by the SEC for the recognition of revenue?
a. Delivery has occurred or services have been rendered.
b. Collectability is reasonably certain.
c. A written agreement has been signed.
d. The seller's price to the buyer is fixed or determinable.
C
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The potential advantages of strategic alliances and joint ventures include entering new markets as well as developing and diffusing new technologies.
Answer the following statement true (T) or false (F)
Gomez Company purchases a piece of equipment on Jan. 2, 2014, for $30,000. The equipment has an estimated life of eight years or 50,000 units of production and an estimated residual value of $3,000. Lester uses a calendar fiscal year. The entry to record the amount of depreciation for 2014, using the production method and assuming 8,000 units are produced, is
A) debit to Depreciation Expense, 4,000; credit to Cash, 4,000. B) debit to Cash, 4,160; credit to Accumulated Depreciation, 4,160. C) debit to Depreciation Expense, 4,320; credit to Accumulated Depreciation, 4,320. D) debit to Depreciation Expense, 4,800; credit to Accumulated Depreciation, 4,800.
Social media is a worldwide party just waiting for companies to join the fun is an example of ________
A) humor B) a simile C) a metaphor D) a personal anecdote
Revenues and expenses are temporary accounts.
Answer the following statement true (T) or false (F)