Question
20. Which of the following statements about accrual accounting is true? a. Accrual financial reports rely upon the payment dates, not the transaction dates. b.
20. Which of the following statements about accrual accounting is true? a. Accrual financial reports rely upon the payment dates, not the transaction dates. b. Accrual accounting posts costs in a reporting period that is different from the period which accounts for the revenue the costs generate. c. Accrual accounting posts transactions on the date money changes hands, not when services or products change hands. d. Accrual financial reports rely upon the transaction dates, not the payment dates. 21. Which part of an item cannot be changed after you save the entry? a. Account b. Description c. Item Name/Number d. Type 22. In which scenario would a business offer customers different prices for the same product or service? a. Items are sent from the manufacturer to vendors via different shipping methods. b. Manufacturers provide volume discounts to vendors. c. Customers have contractual agreements with the business. d. Vendors store merchandise in multiple warehouses. 23. Which action prevents list entries from being deleted? a. Editing the list entry b. Merging the list entry c. Creating the list entry d. Using the list entry in a transaction
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started