In January, the Caribbean Dream Resort Books and Accepts a Cash

question 36

Multiple Choice

In January, the Caribbean Dream Resort books and accepts a cash payment for $32,000 for vacation services to be provided during spring break in March. The $32,000 would be recorded during January as a:

• A) debit to Cash and a credit to Unearned Revenue.
• B) debit to Accounts Payable and a credit to Service Revenue.
• C) credit to Accounts Receivable and a credit to Service Revenue.
• D) credit to Service Revenue and a debit to Prepaid Expenses.

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Definitions:

Henri Fayol

A French engineer and scholar who is best known for developing one of the earliest theories of management that emphasized management practices and the principles of organizing, commanding, coordinating, controlling, and planning.

Foresight

The ability to anticipate future events, trends, or consequences, allowing for better preparedness and strategic planning.

Nineteenth-Century Organizations

Describes the structure and characteristics of organizations during the 1800s, often reflecting industrialization and early managerial practices.

Max Weber

A German sociologist, philosopher, and political economist who is considered one of the founders of modern sociology, known for his analysis of the development of Western capitalism and the concept of rationalization.