VTR Corporation's Accounting Information System Recently Reported the Following Information

question 74

Multiple Choice

VTR Corporation's accounting information system recently reported the following information: Cost of goods sold, $1,500.Inventory, $15,000.Unearned service fees, $3,000.Service fees earned, $8,000.Which element of financial statements is not included in the preceding data?

• A)Assets
• B)Equity
• C)Expense
• D)Liabilities

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Definitions:

Managing Costs

The process of planning, monitoring, and controlling the expenses associated with business operations to maximize profitability.

Major Improvements

Significant upgrades or enhancements made to processes, systems, or assets to increase efficiency, performance, or value.

EDI

Electronic Data Interchange, a system that allows the exchange of business documents and data across different companies electronically.

B2C

Business-to-Consumer, a commercial transaction model where businesses sell products or services directly to the end-users or consumers.