Answer each of the following questions.

a.	Employees earned wages of $20,000 during the current month, but were not paid until the following month. Should the employer record any expenses at the end of the current month?
b.	The current year has been a poor one, so the business is planning to delay the recording of some expenses until they are paid early the following year. Is this acceptable?
c.	A dentist performs a surgical operation and bills the patient's insurance company. It may take three months to collect from the insurance company. Should the dentist record revenue now or wait until cash is collected?
d.	A construction company is building a highway system, and construction will take three years. How do you think it should record the revenue it earnslong dashover the year or over three years?
e.	A utility bill is received on December 30 and will be paid next year. When should the company record utility expense? Select the correct answers to fill-in the blanks. a. Employees earned wages of $20,000 during the current month, but were not paid until the following month. Should the employer record any expenses at the end of the current month? The $20,000 in wages should be accrued (a. as a liability and expense at the end of the month b.as a liability and expense in the following month c.as a liability at the end of the month and an expense in the following month). b. The current year has been a poor one, so the business is planning to delay the recording of some expenses until they are paid early the following year. Is this acceptable? Under IFRS and ASPE, (a.accrual b.cash-basis) accounting must be used. When using (a.accrual b.cash-basis) accounting, expenses must be recorded when they are (a.incurred b.paid). This treatment is therefore (a.acceptable b.not acceptable). c. A dentist performs a surgical operation and bills the patient's insurance company. It may take three months to collect from the insurance company. Should the dentist record revenue now or wait until cash is collected? Revenue should be recorded (a. now as it has been earned b.when the cash has been collected). d. A construction company is building a highway system, and construction will take three years. How do you think it should record the revenue it earnslong dashover the year or over three years? Revenue should be recorded (a.when earned b.when payment is collected). The company should record its revenue based on (a.how much they have received in payment b.the percentage of the project completed at each year end). e. A utility bill is received on December 30 and will be paid next year. When should the company record utility expense? It should record utility expense (a.in the year the utilities were consumed b.when the expense is paid), (a.which is the next year b.which is the year ended December 31).