Assets acquired in a basket purchase are valued based on:

Multiple Choice

Their cost plus the difference between their cost and fair values.

Their relative fair values.

Their assessed valuation.

The present value of their future cash flows

2.

On December 2, 2023, Quebecor Printing received cash from customers for online subscriptions to begin in 2024. What would be the appropriate journal entry at the time cash was received on December 2, 2023?

Multiple Choice

Debit Subscription Revenue, credit Cash

Debit Cash, credit Subscription Revenue

No journal entry is necessary.

Debit Cash, credit Deferred Revenue

3.

On December 2, 2023, Quebecor Printing received cash from customers for online subscriptions to begin in 2024. What effect will receiving cash on December 2, 2023, have on the financial statements?

Multiple Choice

Increase assets and increase liabilities

There is no financial statement effect

Increase assets and increase revenues

Decrease assets and decrease stockholders equity