Which of the following is considered to be an accrued expense?
A) A computer technician has installed the latest software updates and was paid on the same day.
B) A computer technician has been paid in advance to install software updates as they become available.
C) A computer technician has just signed an agreement with you regarding pricing for future work.
D) A computer technician has installed the latest software updates, but you have not received their invoice for payment.
D
You might also like to view...
On the reporting of liabilities where a range of values exists as a possible outcome, IFRS requires which of the following points to be recorded as a provision, if the outcome is probable?
a. Low end of the range. b. High end of the range. c. Midpoint of the range. d. IFRS presents no specific guidance as to this point.
Tracing copies of sales invoices to shipping documents will provide evidence that all:
A. shipments to customers were billed. B. accounts receivable ledger is complete. C. billed sales were shipped. D. shipments to customers were recorded as receivables.
A business received an offer from an exporter for 20,000 units of product at $15 per unit. The acceptance of the offer will not affect normal production or domestic sales prices. The following data are available: Domestic unit sales price $21 Unit manufacturing costs: Variable 12 Fixed 5 What is the differential revenue from the acceptance of the offer?
A) $300,000 B) $420,000 C) $120,000 D) $240,000
To manage cash flow, you should ________ and then subtract expenses you expect to incur.
A. project gross receipts B. project gross sales C. project cash receipts D. project net income