RU FIT Centre Opened for Business on April 5, 2021

question 61

Multiple Choice

RU FIT Centre opened for business on April 5, 2021. For revenue recognition purposes, all memberships are assumed to be issued at the beginning of the month, with 1-year memberships costing $600 and 2-year memberships costing $960. During April, 32 1-year memberships and 25 2-year memberships were sold. RU FIT Centre prepares monthly financial statements. Which of the following statements is correct?

• A)Revenue to be recognized as earned for the month of April is $2,600.
• B)Revenue to be recognized as earned for the month of April is $3,600.
• C)Revenue to be recognized as earned for the month of April is $43,200.
• D)Deferred revenue at April 30 would be $43,200.

Calculate the future value of a series of payments or investments using varied interest rates and time periods.

Determine the rate of return on investments and understand its implications on investment decisions.

Identify and analyze the costs and benefits of taking loans, including the calculation of total interest paid over the life of the loan.

Apply the principles of compound interest in various financial scenarios.

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Definitions:

Human Resource Activities

Tasks undertaken by a company's human resource department, including hiring, training, employee relations, and benefits management.

Employment Agency

A service organization that matches employers with employees.

Screening Tool

A method or instrument used to evaluate or assess certain characteristics or qualifications, often used in hiring processes or market research.

Application Form

A form or document that an applicant must fill out as part of the process of applying for a job, service, or activity.