12 May WHICH OF THE COMPANY’S BALANCE SHEET ACCOUNTS REPRESENTS FUTURE CASH INFLOWS FROM CUSTOMERS FOR REVENUE ALREADY EARNED?
According to the company’s expense recognition note we capitalize advertising and promotional costs.
True.
False.
2.5 points
QUESTION 2
The company’s earned operating revenues for the most recent reporting period were $4968301000
True.
False.
2.5 points
QUESTION 3
Which of the company’s expense accounts on the most recent income statement includes prepaid expenses?
Product development
Sales and marketing
General and administrative
Not enough information to determine
2.5 points
QUESTION 4
According to the company’s revenue recognition note revenue is recognized only when the price is fixed or determinable persuasive evidence of an arrangement exists the service is performed and collectability of the related fee is reasonably assured.
True.
False.
2.5 points
QUESTION 5
Which of the company’s balance sheet accounts represents future cash inflows from customers for revenue already earned?
Accounts receivable
Prepaid expenses and other current assets
Deferred revenue
2.5 points
QUESTION 6
The company’s most recent balance sheet states deferred revenue of $134031000. This deferred revenue amount is included in the revenue account on the company’s most recent income statement.
True.
False.
2.5 points
QUESTION 7
Which of the company’s balance sheet accounts represents future cash outflows for expenses already incurred?
Accounts payable
Accounts receivable
Prepaid expenses and other current assets
Deferred revenue
2.5 points
QUESTION 8
Which of the company’s balance sheet accounts represents expenses that will appear on next year’s income statement?
Accounts receivable
Prepaid expenses and other current assets
Other accrued expenses and current liablities
2.5 points
QUESTION 9
Does the operating activities of the company’s most recent statement of cash flows include cash inflows from revenues that were accrued at the end of the most recent reporting period?
Yes.
No.
2.5 points
QUESTION 10
The amount of cash that the company had collected from customers in advance of providing goods and services that will be earned revenue on next year’s income statement was:
$134031000
$208691000
$602792
$1047504000
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