Which of the Following Is an Example of an Unsought

question 86

Multiple Choice

Which of the following is an example of an unsought product?

• A) furniture
• B) laundry detergent
• C) refrigerator
• D) toothpaste
• E) life insurance

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Definitions:

Adjusting Process

An analysis and updating of the accounts when financial statements are prepared.

Revenue Recognition Principle

A concept of accounting that states that revenues are recorded when earned, which is when the services have been performed or products have been delivered to customers.

Recorded

The action of entering financial transactions into the accounting records of a business.

Recorded

The process of documenting financial transactions in the books of accounts as evidence of the transactions.