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NEW QUESTION: 1
How many Tenders can a Payment Event have? (Choose the best answer.)
A. one Tender for each account the payment is applied to
B. one Tender per Payment Event
C. no Tenders for Payment Events, only Payment Segments
D. one or more Tenders for each form of Payment submitted
E. no Tenders for Payment Events, only Payments
Answer: A
NEW QUESTION: 2
The sales expert is in a meeting with the Director of Application Development. The client has a multi-tiered architecture with many virtual machines. This client has expressed a preference for a Cisco UCS solution.
What is a key feature of the family that should be pointed out to this executive?
A. Preconfigured solution offerings that install quickly
B. Converged system approach
C. Reduced network latency between nodes in a single chassis
D. Ability to have more virtual machines in a single chassis
Answer: D
NEW QUESTION: 3
The publisher of a popular magazine offers a special discounted price for a 3-year subscription. At the balance sheet date, the amount that has already been collected but pertains to future periods is best referred to as:
A. Accrued subscriptions revenuean asset account
B. Precollected subscriptions receivable a deferred asset account
C. Earned subscriptions revenuea revenue account
D. Deferred subscriptions revenuea liability account
Answer: D
Explanation:
Income, which includes revenue and gains, is recognized in the income statement when an increase in future economic benefits related to an increase in an asset or a decrease in a liability can be reliably measured. Revenue is recognized reported as revenue) in the period in which the recognition criteria are met: therefore, when it is received in advance, the amount applicable to future periods is deferred. This deferral reflects the uncertainty of the reliable measurement of the future economic benefits. The uncertainty arises because the entity still must satisfy an obligation to perform in the future before it is entitled to the future economic benefits. The amount received in advance is considered a liability because it represents a present obligation arising from a past event.
Accordingly, deferred or unearned revenue is an amount that has been received but that has not met the recognition criteria for revenue.