If a Business Has Received Cash in Advance of Services

question 235

Multiple Choice

If a business has received cash in advance of services performed and credits a liability account the adjusting entry needed after the services are performed will be

• A) debit Unearned Service Revenue and credit Cash.
• B) debit Unearned Service Revenue and credit Service Revenue.
• C) debit Unearned Service Revenue and credit Prepaid Expense.
• D) debit Unearned Service Revenue and credit Accounts Receivable.

Distinguish between the functionalities of different types of clients in network architecture.

Recognize the importance and application of supercomputers in data analysis.

Understand the differences in speed and durability among various storage devices.

Identify and describe various output technologies.

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Definitions:

Fair Value Increments

Increases in the value of an asset to reflect its current market price rather than its book value or purchase price.

Entity Method

A method of consolidation that treats all companies involved as a single, unified entity for financial reporting purposes.

Dividends Declared

A formal announcement by a company's board of directors to distribute a portion of the company’s earnings to shareholders.

Dividend Income

Income earned by investors from receiving dividends, which are distributed portions of a company's profit.