Answered: the publisher of a popular magazine…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

the publisher of a popular magazine offers a special discounted price for 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 subscription revenue (an asset account)

b- deferred subscription revenue ( a liability account)

c- earned subscription revenue ( a revenue account)

d- pre-collected subscription receivable ( a deferred asset account)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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