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MGMT 200 EXAM 1 (PURDUE UNIVERSITY) NEWEST 2024 EXAM 1 AND PRACTICE EXAM 120 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) $22.99
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MGMT 200 EXAM 1 (PURDUE UNIVERSITY) NEWEST 2024 EXAM 1 AND PRACTICE EXAM 120 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)

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MGMT 200 EXAM 1 (PURDUE UNIVERSITY) NEWEST 2024 EXAM 1 AND PRACTICE EXAM 120 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)

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  • July 28, 2024
  • 74
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • MGMT 200
  • MGMT 200

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By: ProLabs • 6 months ago

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TheAlphanurse
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MGMT 200 EXAM 1 (PURDUE UNIVERSITY) NEWEST
2024Next
EXAMsteps 1 AND PRACTICE EXAM 120 QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS)
116 missed terms

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1 of 116

Term


assume a business bills a client $15,000 on June 30, 2017, for services
rendered during June. The business collects $8,500 of the billings
during July and the remainder in August. Under the accrual basis of
accounting, when would the business record the revenue for the fees?



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, June, $15,000; July, $0; August,
June, $0; July, $6,500; August, $8,500
$0




June, $8,500; July, $6,500; August, $0 June, $0; July, $8,500; August, $6,500


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2 of 116

Term


Prepayments occur when:



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Customers are unable to pay the full
Sales are delayed pending credit
amount
approval.
due when goods are delivered.




Cash payment (or an obligation
Cash payment occurs after the
to pay cash)
expense is
occurs before the expense
incurred and liability is recorded.
recognition.


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3 of 116

,Term


The following transactions occurred during the month of October:


1. The company pays cash for rent in December of $5,000.
2. The company uses $1,000 of supplies purchased in the previous
period.
3. The company repays a loan to the bank of $20,000 (ignore any
interest cost).


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$1,000; 15,000 $1,000; $25,000




$1,000; $5,000 $21,000; 5,000


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4 of 116

Term


Which of the following best represents value created for stockholders
during the current period?



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stockholders' equity. retained earnings

, earnings. total assets.


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5 of 116

Term


When a music concert promoter collects cash for advance ticket sales
prior to the event, which of the following accounts is recorded?



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Accrued Liability Accounts Receivable




Prepaid Expense Unearned Revenue


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6 of 116

Term


receiving cash from an account receivable:



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