On March 1, a Company Collects Revenue in Advance for the Next

question 12

Multiple Choice

On March 1, a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the work sheet would

• A) increase a liability account
• B) decrease an asset account
• C) decrease a revenue account
• D) decrease a liability account

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Definitions:

Skill Set

A collection of skills and abilities that an individual possesses, which are relevant to a specific job or task.

Rejection

The act of dismissing or refusing something, such as an idea, proposal, or application.

Performance Reviews

Formal assessments where an employee's job performance is evaluated and discussed, typically on a regular basis such as annually or semi-annually.

Personal Plan

A detailed strategy designed by an individual to achieve personal goals.