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NEW QUESTION: 1
A company generates revenue at period end, but bills monthly in arrears. The first project revenue is due to be recognized at the end of May and the first invoice sent to the customer in June. What are the accounting entries at the end of May?
A. Debit: Unearned RevenueCredit: Revenue
B. Debit: BankCredit: Revenue
C. Debit: Cost of Goods SoldCredit: Unbilled Receivables
D. Debit: RevenueCredit: Accounts PayableLiability Account
E. Debit:UnbilledReceivablesCredit: Revenue
Answer: E
Explanation:
Revenue
Once revenue is created, Oracle Projects runs AutoAccounting to determine the appropriate default accounts. AutoAccounting selects all of the AutoAccounting parameters for each item or event, determines the account coding, validates the account coding against the general ledger, and updates each revenue distribution line with the appropriate default account.
AccountDebitCredit Unbilled Receivables and/or Unearned Revenue200.00 Revenue200.00
NEW QUESTION: 2
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
A. Conflict of interest in sale
B. Unauthorized sale
C. Written sale of unique assets
D. Turnaround sale or flip
Answer: D
NEW QUESTION: 3
You must use OTV for Layer 2 connectivity between data centers. Which two options does an FHRP filter allow? (Choose two)
A. optimization of multicast traffic flow
B. existence of the same default gateway in different locations
C. optimization of outbound traffic flow
D. existence of different default gateways in different locations
E. optimization of inbound traffic flow
Answer: B,C
Explanation:
https://www.cisco.com/c/dam/en/us/products/collateral/switches/nexus-7000-series-switches/guide_c07-728315.pdf