Robert Rogers, CPA, Performed Accounting Services for a Client in December

question 15

Multiple Choice

Robert Rogers, CPA, performed accounting services for a client in December. A bill was mailed to the client on December 30. Roberts received the client's check by mail on January 5. Which of the following accounts should appear on the income statement for the year ended December 31 as per the revenue recognition principle?

• A)Service Revenue
• B)Unearned Revenue
• C)Accounts Payable
• D)Prepaid Expense

Identify job sectors at low risk of becoming obsolete due to automation and technological progress.

Describe tools and strategies proactive employers use to monitor and improve working conditions.

Understand the concept and calculation of the profitability index for comparing investment projects.

Calculate the present value of cash flows to determine the required investment amount given a specific rate of return.

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Definitions:

Negative Predictive Value

is the proportion of negative test results that are truly negative, indicating how well a test identifies individuals who do not have a disease.

High Sensitivity

The capability of an assessment to accurately detect individuals who have the disease (true positive rate).

Low Specificity

A characteristic of a diagnostic test that indicates a high likelihood of false positives, meaning it often indicates a disease or condition is present when it is not.

Sensitivity

The ability of a test to correctly identify those with the disease (true positive rate).