A tenancy for years terminates automatically, without notice, on the expiration of the stated term

Financial statements in the United Kingdom are supposed to provide a "true and fair view" of the firm's financial position and results of operations. How does U.K. GAAP define "true and fair view?"

A. Objective, free from bias B. Statements must comply with accounting standards C. Relevant D. U.K. GAAP does not specifically define "true and fair view."

Seadrill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing the software, the company also provides consulting services and support to ensure smooth operation of the software. The total transaction price is $420,000. Based on standalone values, the company estimates the consulting services and support have a value of $120,000 and the software license has a value of $300,000. Assuming the performance obligations are not interdependent and licensed software is delivered and consulting service will be provided over 5 years, the journal entry to record the transaction includes:

a. a credit to Sales Revenue for $300,000 and a credit to Unearned Service Revenue of $120,000. b. a credit to Service Revenue of $120,000. c. a credit to Unearned Service Revenue of $300,000. d. a credit to Sales Revenue of $420,000.