Sports, Inc, plans to sell season football tickets for the 10 games played from September through November. These tickets sell for $5 each at the gate or for $45 per season package purchased before April 30 . On April 30, the office reports that it has sold 200 season ticket packages and has only 50 left. The correct entry to record the sale of the season tickets is
a. debit Cash and credit Unearned Revenue for $9,000.
b. debit Cash and credit Revenue for $11,250.
c. debit Unearned Revenue and credit Revenue for $9,000.
d. to determine cost of goods sold.
a
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In designing written audit programs, an auditor should plan specific audit procedures to test:
A. Timing of audit procedures. B. Selected audit techniques. C. Cost-benefit of gathering evidence. D. Management assertions.
The IASB and FASB boards have agreed that the objective of general purpose financial reporting is to provide
A) financial information about a company that is useful to investors, lenders and other creditors B) mainly cash flow information about a company that is useful to external users in making decisions in their capacity as capital providers C) financial information about a company that is useful to internal users in making decisions in their capacity as capital custodians D) financial information about a company that is used by government regulators for taxation
GreenTree Lawn and Garden Products is engaged in a review of the sales, costs, and profit projections for some new products to find out whether they satisfy the company's objectives. This activity is called business product development
Indicate whether the statement is true or false
Risks ordinarily assumed in business constitute consideration for the modification of a contract
Indicate whether the statement is true or false