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Question 7 Chowdhury Technologies Inc. made an advance payment to Zhang Company for services to be delivered later. While Zhang records on its book an uneamed revenue, Chowdhury is likely to record this as Select one a. a prepaid expense. b. an unearned revenue. can accrued expense. - d. an accrued revenue. Clear my choice Pas out of The question Which basic assumption is illustrated when a firm reports financial results on an basis? Select one a. Economic entity assumption. b. Going concern assumption. c. Periodicity assumption. d. Monetary unit assumption. Question 8 The accountant of Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statement is true? Select one a. The total revenue will be overstated. b. The total revenue will be understated. c. The total expenses will be overstated. d. The total expenses will be understated. Question 16 Malone Education Group made a purchase on account in the last month and made a payment for that purchase today. Malone properly made a journal entry to record this payment. Which of the following should the journal entry include Select one a. a debit to Accounts Receivable. b. a debit to Accounts Payable. c. a credit to Accounts Receivable. d. a credit to Accounts Payable. Madsen Company reported the following information for year-end Sales revenue S25A0000 Cost of goods sold A00.000 Operating expenses 220.000 Unrealized holding gain on available-for-sale securities 120,000 Cash dividends received on securities investment 8,000 For this year, Madsen would report other comprehensive income of Select one: a. $128,000. b. $120,000 c. $420,000. d. $428,000. Question 18 Independent measurers can reach similar conclusions using the same measurement method This is a manifestation of Select one a relevance. b. faithful representation c. neutrality. d. verifiability