The Entry to Record Completing a Financial Lecture and Immediately $$\begin{array}{ | l | l | } \hline \text { Cash }& 500 \\\hline \text { Lecture Fees } & 500 \\\hline\end{array}$$

question 28

Multiple Choice

The entry to record completing a financial lecture and immediately collecting payment from customers would be:

• A)
• \[\begin{array}{ | l | l | }
• \hline \text { Cash }& 500 \\
• \hline \text { Lecture Fees } & 500 \\
• \hline
• \end{array}\]
• B)
• \[\begin{array}{ | l | l | }
• \hline \text { Cash }& 500 \\
• \hline \text { Accounts Payable } & 500 \\
• \hline
• \end{array}\]
• C)
• \[\begin{array} { | c | c | }
• \hline \text { Lecture Fees } & 500 \\
• \hline \text { Cash } &500 \\
• \hline
• \end{array}\]
• D)
• \[\begin{array} { | c | c | }
• \hline \text { Lecture Fees } & 500 \\
• \hline \text { Accounts Payable } & 500 \\
• \hline
• \end{array}\]

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Definitions:

Goodwill

An intangible asset that arises when a company acquires another company for more than the fair value of its net identifiable assets at the purchase date.

Fair Value

A measure of the estimated market price of an asset or liability, reflecting what a willing buyer would pay a willing seller in an arm's length transaction.

Non-Controlling Interest

The portion of equity interest in a subsidiary not attributable to the parent company.

Unrealized Intercompany Profits

Profits that arise when companies within the same group sell goods or services to each other at a profit, not realized until sold to an external party.