A Dance Studio Accepts $1,500 to Provide a Series of Dance

question 33

Multiple Choice

A dance studio accepts $1,500 to provide a series of dance lessons to a youth group during the month of July.The studio decides to record the revenue in July.The studio also decides to record the July expenses of rent,utilities and salaries in August,when it pays for them.One or both of these decisions:

• A)violate the Expense Recognition (Matching)principle.
• B)are an example of accrual accounting.
• C)violate the revenue principle.
• D)violate the accounting equation.

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Definitions:

Alcohol-Dependent

Refers to a medical condition known as alcoholism, characterized by a strong craving for alcohol, continued use despite harmful consequences, and inability to control drinking.

Alcohol Dehydrogenase

An enzyme that plays a role in the metabolism of alcohol, converting it into acetaldehyde.

BAL

Blood Alcohol Level, the concentration of alcohol in one's bloodstream, used to measure intoxication for legal and medical purposes.

Long-term Effects

The consequences or outcomes of an event, process, or decision that become apparent after a significant period.