Distinguish between a deferral and an accrual
A deferral is the postponement of the recognition of an expense already paid or of a revenue already received. An accrual is the recognition of an expense or revenue that has arisen but that has not yet been recorded.
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If a reader may not view a message as positive, what should be included in the body of the message?
A) An explanation of what will happen if the action is not taken B) An explanation of potential benefits to the reader C) An explanation of potential benefits to the writer D) An explanation of the nature of the information being provided E) An explanation of the reasons for the decision to be followed by the decision
Short-term financing is used to finance a merger or expansion.
Answer the following statement true (T) or false (F)
When looking to buy a home, your net worth statement tells you if you have the ability to obtain a mortgage, sufficient funds to cover the associated closing costs, and what else?
A) Interest Rates B) Inflation C) Lender Fees D) Bank lending expenses E) A down payment
On March 5, Gibbs Company purchases $5,000 of merchandise from a supplier for cash and records that transaction by increasing its inventory account. On March 30, the company records a $400 decrease in its inventory account. We can assume the company uses the:
A. perpetual inventory method and $400 may represent cost of goods sold. B. perpetual inventory method and $400 may represent a purchase return. C. perpetual inventory method and $400 may represent a purchase allowance. D. All of these answer choices are correct.