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

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Definitions:

Forecast

The process of making predictions about future events or trends based on past and current data analyses.

Smoothing Constant

A parameter used in exponential smoothing methods for time series data to control the degree of smoothing applied to the data.

Forecast

A prediction or estimate of future events or trends, often based on current data and analysis.

Number of Forecast Values

The quantity of data points projected or predicted for future periods based on historical trends and analysis.