Cash Contributed to a Joint Operation Was Used to Purchase

question 18

Multiple Choice

Cash contributed to a joint operation was used to purchase Equipment ($250 000) and raw materials ($100 000) . The entry by the joint operation to record of these transactions is which of the following?

• A) DR Equipment $250 000 DR Raw materials $ 100 000
• CR Cash $350 000
• B) DR Work in progress $350 000 CR Joint operation capital $350 000
• C) DR Cash $350 000 CR Contribution to joint operation $350 000
• D) DR Cash $350 000 CR Equipment $250 000
• CR Raw materials $100 000

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Definitions:

Password/PIN

Security measures used to protect access to devices and accounts, consisting of a secret series of characters (password) or numbers (PIN) known only to the user.

Smart Card

A small ID-size card that can store data, be encrypted, and swiped through and/or interact wirelessly with a smart card reader. Examples of smart cards are identification, medical, credit, and access card.

Spear Phishing

A targeted attempt to steal sensitive information through email by pretending to be a trusted entity, aiming specifically at an individual or organization.

Brute-force Attack

A trial and error method used by applications to decode encrypted data such as passwords through exhaustive effort rather than intellectual strategies.