The Following Data Applies to the Next Two Questions

question 49

Multiple Choice

The following data applies to the next two questions.
•Northern University has a fiscal year end of June 30.
•In June 2015, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2015 through August 31, 2015. $1,200,000 was collected on June 1, 2015.
-When is this revenue reportable on the financial statements for Northern?
2015 2016

• A) $ 1,200,000 0
• B) $ 0 1,200,000
• C) $ 600,000 600,000
• D) $ 400,000 800,000

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Definitions:

Isolationist Policies

Political policies that advocate for a country to minimize its involvement in foreign affairs, emphasizing national interests and independence.

Internationalist Policies

Policies that emphasize involvement and cooperation between nations in economic, social, and political spheres.

Israeli-Palestinians Conflict

A longstanding and complex conflict between Israelis and Palestinians, primarily over land and national identity, with deep historical, political, and social dimensions.

Keynesian Economic Policy

An economic theory advocating for government intervention in the economy through public policies that aim to achieve full employment and stable prices.