The Securities and Exchange Commission Requires That Subscriptions Receivable Be

question 51

Multiple Choice

The Securities and Exchange Commission requires that Subscriptions Receivable be disclosed on the financial statements filed with it as a(n)

• A)current asset as long as collection is to be made within one year or the normal operating cycle, whichever is longer
• B)other asset if collection is to be made beyond one year from the date of the financial statements
• C)contra-accounts receivable account
• D)contra-stockholders' equity account

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Definitions:

France

A country in Western Europe known for its rich history, culture, and contributions to art, philosophy, and science.

Virginia and Kentucky Resolutions

In 1798 and 1799, the legislatures of Kentucky and Virginia crafted political declarations asserting that the federal Alien and Sedition Acts violated the Constitution.

Alien and Sedition Acts

A series of laws passed in 1798 that allowed the U.S. government to deport foreigners and jail critics of the government.

Louisiana Territory

A vast region of North America acquired by the United States from France in 1803, doubling the size of the country.