All of the Following Situations Contribute to the Need for a Company

question 45

Multiple Choice

All of the following situations contribute to the need for a company to recognize deferred revenues, except for:

• A)Partially executed contracts between buyers and sellers
• B)The requirement by sellers for the prepayment of goods and services
• C)Mutually unexecuted contracts between buyers and sellers
• D)The seller has collected a deposit but not yet met the criteria for revenue recognition

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Definitions:

Switch Rows Columns

A feature in spreadsheet and charting software that allows users to change the orientation of data, swapping the data in rows with data in columns.

Legend

An area on a chart or map that explains the symbols, colors, or patterns used, making the data easier to understand.

Extract Seconds

The process of isolating and retrieving only the second components from a set of time data.

SECOND(B1)

A function in spreadsheet software that returns the second component (value from 0 to 59) of a time value specified in cell B1.