Beetles Inc $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$

question 142

Multiple Choice

Beetles Inc. recorded the following journal entry on March 2, 2014: $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$ From the journal entry above, identify the transaction on March 2, 2014.

• A) Beetles purchased goods worth $5,000 and signed a one-year note for the same.
• B) Beetles sold goods for $5,000 cash.
• C) Beetles received $5,000 for services to be performed in a later period.
• D) Beetles paid $5,000 for services to be received at a later date.

Understand how to calculate and interpret activity variances for different types of expenses.

Understand the influence of changes in activity level on fixed and variable expenses.

Understand the impact of activity variances on net operating income.

Learn how different types of businesses measure activity (e.g., by wells serviced, client-visits, units produced, tenant-days).

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Definitions:

Empirical Evidence

Empirical evidence is information acquired by observation or experimentation that serves as the basis for knowledge and theory building.

Internal Conflicts

Psychological struggles that arise from opposing desires, impulses, or feelings within a person.

Self-actualizing

The process of realizing and expressing one's own capabilities and creativity, often considered the pinnacle of psychological development in Maslow's hierarchy of needs.

Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.