The function composed of people, procedures, and equipment and is typically called the information systems department, IS department, or IT department is the _____________________________
_.
Fill in the blank(s) with correct word
(
Q. 2) The Unearned revenue account represents the cash collected from customers in advance of performing the service or delivering the goods.
Indicate whether the statement is true or false
(
Q. 3) Money market accounts, commercial paper, and U. S. Treasury bills are examples of cash equivalents.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) In its first month of business, Fish Nets, Inc sold 8,000 nets with a three-month warranty for 10 each on account. Fish Nets estimates that 1 of its sales will be uncollectible and that warranty costs will be approximately 100 on its sales.
Fish Nets' financial statements should include ________.
A) Bad debts expense of 800 and Warranty expense of 100 on its income statement
B) Allowance for uncollectible accounts of (80 ) and nothing for the warranties on its balance sheet
C) Bad debts expense of 80 and Warranty expense of 100 on its income statement
D) Allowance for uncollectible accounts of (80 ) and Unearned warranty of 100 on its balance sheet
(
Q. 5) The amounts for sales returns and allowances, sales discounts, and net sales added together equal gross sales.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) At the option of the issuer, callable bonds may be retired prior to maturity for a specified amount of money.
Indicate whether the statement is true or false
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