Company Y has signed a contract of CAD 1,000 with an independent translator on May 25. The invoice from the translator was received on July 15 for a total of CAD 1,000 . The translation service occurred from June 5 until June 25, and the payment was made on August 2. When should we recognize the expense? Select the single best answer: A. on May 25 B. on July 15 C. on August 2 D. on June 25 E. on September 15 Accounts Payable is used in which of the following financial ratios? Select the single best answer: A. current ratio B. gross margin C. EBITDA D. sales revenue per employee E. Fixed Assets turnover Which of the following criteria is not used in order to recognize a liability in the financial statements? Select the single best answer: A. There is an obligation to transfer economic benefits. B. The obligation aligns with company strategy. C. The value of the obligation can be measured reliably. D. The expense respects the recognition principle. E. The obligation has arisen from past events