The _________________________ of accounting necessitates a number of adjustments at the end of an accounting period
Fill in the blank(s) with correct word
accrual basis
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In a sales-type lease
A) sales revenue ignores the present value of the guaranteed residual value. B) sales revenue includes the present value of unguaranteed residual value. C) cost of goods sold is reduced by the amount of unguaranteed residual value. D) both sales and cost of goods sold are decreased by the present value of any unguaranteed residual values.
An accrued expense can be described as an amount
a. paid and matched with earnings for the current period. b. paid and not matched with earnings for the current period. c. not paid and not matched with earnings for the current period. d. not paid and matched with earnings for the current period.
For manufacturing firms, the balance sheet reports the costs of incomplete items as
a. Raw Materials Inventory. b. Work-in-Process Inventory. c. Finished Goods Inventory. d. Cost of goods ready for sale. e. none of the above
Which of the following dictates overall business objectives?
A) the broad environment in which the business operates B) public relations strategies C) public relations programs D) marketing and advertising strategies