A) Which of the following are examples of judgments made in the accounting reporting process?...
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Accounting
A) Which of the following are examples of judgments made in the accounting reporting process? I. Useful life of machinery II. Allowance for doubtful accounts III. Obsolescence of assets IV. Interest payment on bonds
Group of answer choices
A) I, II, III and IV
B) I, II and III
C) II and III
D) I and III
Ticketmaster contracts with the producer of Blue Man Group to sell tickets online. Ticketmaster charges each customer a fee of $9 per ticket and receives $22 per ticket from the producer. Ticketmaster does not take control of the ticket inventory. Average ticket price for the event is $105.
B) How much revenue should Ticketmaster recognize for each Blue Man Group ticket sold?
Group of answer choices
A) $9 because the $22 from the producer is similar to a negative cost of goods sold
B) $105 because the $83 is cost of goods sold paid to the Blue Man Group producer
C) $31 because both the fee from the customer and the Blue Man Group producer are earned
D) $114 because the $83 is cost of goods sold paid to the Blue Man Group producer
E) None of the above
C)
Which of the following industries would you expect to have the highest inventory turnover?
Group of answer choices
A) restaurant
B) car dealer
C) jewelry store
D) department store
Answer & Explanation
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