acc - 1. In the past period, customers paid for operas that...

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1. In the past period, customers paid for operas that were performed in the current period. The required adjusting entry recognizes the A. revenue earned but not yet received, and records a receivable B. portion earned as revenue, and reduces the balance of a liability account C. portion of the asset consumed or expensed, and reduces the balance of an asset account D. expense incurred, and records a liability for future payment 2. Which of the following most likely explains why a corporation's stock trades at a very high price-earnings ratio? A. The corporation is large with very low risk B. Investors expect the corporation to have higher earnings in the future C. The corporation has very little long-term debt. D. The corporation has several classes of stock outstanding 3. A bond with a face value of $1,000 is quoted at 105-1/2. The bond is selling for A. $1,000.00 B. $1055.00 C. $1050.50 D. $1105.50 4. Liabilities are usually listed on the balance sheet A. in the order of smallest to largest.
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B. in alphabetical order
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This note was uploaded on 01/05/2012 for the course 101 melissa jo taught by Professor Acc101 during the Spring '11 term at Aarhus Universitet.

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acc - 1. In the past period, customers paid for operas that...

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