Rogers Communications is a communications company, specializing in cable television operation, television program development, and other telecommunication services. Its financial statements show $37,666 in an account called "Deferred Subscriber Revenue," which represents amounts that customers have paid in advance of receiving cable television and internet services. What type of account is this and on what statement is it reported? A) B) C) D) Type of Account Asset Liability Revenue Revenue Financial Statement Balance Sheet Balance Sheet Balance Sheet Income Statement Multiple Choice Option A Option C Option D Option B If total debits are not equal to total credits in a trial balance, which of the following errors may have occurred? Multiple Choice O Posting Wage Expense to Administrative Expenses. Debiting Notes Payable instead of debiting Interest Expense. Posting a credit to Accounts Payable as a debit Debiting Accrued Interest instead of debiting Interest Expense. A client has settled his outstanding credit account with your company, at the same time, you have just received cash for inventory that you sold at cost. What is the overall impact of these concurrent changes on the current ratio? Multiple Choice O The inflow of cash caused the current ratio to rise. There is no impact None of the choices are correct. Depends on the actual dollar amounts The normal balance of any account is the: Multiple Choice side which decreases that account. side which increases that account. left side O right side Your company bought a 30-second advertisement that aired during the Stanley Cup finals at a cost of $1.2 million. It is legally obligated to pay for the ad but has not yet done so. How does the purchase and use of the ad time affect your company's balance sheet? Multiple Choice It increases assets and decreases Shareholders' equity by $1.2 million each It does not affect the balance sheet. It increases liabilities and decreases Shareholders' equity by $1.2 million each. It increases both assets and liabilities by $1.2 million Public corporations: Multiple Choice are businesses whose stock is bought and sold privately. are businesses whose stock is bought and sold on a stock exchange are businesses owned by two or more people, each of whom is personally liable for the debts of the business. are setup for non-profit purposes