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NEW QUESTION: 1
An entity has appropriately used the installment method of accounting sit began operations at the beginning of the current year. The following information pertains to its operations for this year:
The amount of gross profit deferred at the end of the current year should be:
A. US $144,000
B. US $216,000
C. US $288,000
D. US $720,000
Answer: B
Explanation:
The gross profit on installment sales in US $360,000$1.200.000 installment sales $840,000 cost of installment sales). Accordingly, the gross profit percentage is 30%US $360,000 gross profit -$1,200,000 installment sales), and the amount of gross profit deferred at the end of the current year is 1.11: r. $216.000 [($1 .200.000 installment sales - 480,000 collections x 30%]. General and administrative expense have no effect on the computation of realized gross profit or deferred gross profit. They are to be classified as operating expenses on the income statement in the period in which they are incurred.
NEW QUESTION: 2
Which statement describes the responsibilities of a risk actionee?
A. Identifying risks to the project that might occur in their department
B. Managing, monitoring and controlling of all aspects of an assigned risk
C. Carrying out a risk response action to respond to a particular risk
D. Owning and authorizing the use of the risk budget to fund risk responses
Answer: C
NEW QUESTION: 3
CORRECT TEXT
Modify the document property.
MathTracker.xlsx
Subject "Homework"
Answer:
Explanation:
Use the following steps to complete this task in
Explanation:
Step 1:Click the File menu.
Step 2:Select Info (if necessary) and click Show All Properties,
Step 3:In the Subject textbox type: HomeWork and click theReturn button. Microsoft 77-420 : Practice Test