What type of account is Unearned revenue?
A) an asset
B) a liability
C) a revenue
D) part of shareholders' equity
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Q. 2) Assuring that the accounts receivable master data reflects all cash collections recorded in the cash receipts event data addresses the control goal of:
a. ensure input accuracy
b. ensure input completeness
c. ensure update accuracy
d. ensure update completeness
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Q. 3) During the year, Mega, Inc had revenues of 400,000 of which 310,000 was collected from customers. It also had expenses of 360,000 of which 280,000 was paid. The shareholders were paid 20,000 in dividends. Net income for the year equals ________.
A) 10,000
B) 30,000
C) 40,000
D) 20,000
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Q. 4) Each person authorized to sign checks must sign a(n) ____________________.
Fill in the blank(s) with correct word
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Q. 5) If the terms of purchase are FOB shipping point, title to the goods passes from the vendor to the buyer ________.
A) when the merchandise leaves the vendor's warehouse
B) halfway between the vendor's warehouse and the buyer's warehouse
C) when the merchandise reaches the buyer's warehouse
D) when the merchandise is sold to the end user
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Q. 6) Bradford Company had 700,000 in sales for the year. The total assets at the beginning of the year were 240,000 and total assets at the end of the year were 280,000 . The ratio of sales to total assets is (round answer to 2 decimal places)
a. 2.69
b. 0.40
c. 2.92
d. 0.34
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