The Great Oxygen Event Marks the Time,approximately 2

question 112

Multiple Choice

The Great Oxygen Event marks the time,approximately 2.5 billion years ago,when ________.

• A)there was enough oxygen in the atmosphere to support a major burst of life on Earth
• B)there was a massive volcanic eruption that lead to a very rapid increase in oxygen levels on Earth
• C)there was a cataclysmic weather event that absorbed most of the oxygen in the atmosphere and locked it into iron deposits in the oceans
• D)there was significant oxygen in the atmosphere
• E)photosynthesis was clearly established and producing oxygen.

Comprehend the principles and guidelines under IFRS for recognizing revenue.

Understand the necessity and preparation of adjusting and closing entries before the production of financial statements.

Recognize the difference between cash and accrual basis of accounting and their implications on financial statements.

Identify the purpose and timing of revenue recognition in accordance with accrual accounting.

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Definitions:

Unearned Revenues

Money received by a company for goods or services yet to be delivered or performed, recorded as a liability.

Operating Cash Payments

Cash outflows related to the primary revenue-generating activities of a business, such as payments to suppliers and employees.

Patents

Legal grants to inventors that provide them the exclusive rights to use, sell, or manufacture their invention for a certain number of years.

Net Change

The difference between the closing price of a security on the trading day and its closing price on the previous trading day.