TLR Consulting Keep Their Accounting Records Using the Accrual Basis

question 181

Multiple Choice

TLR Consulting keep their accounting records using the accrual basis. During 2018, they collected $425,000 from clients. On December 31, 2017 they had accounts receivable of $61,000 and on December 31, 2018 they had accounts receivable of $46,000. Additionally, they had unearned revenues of $7,000. Using the accrual basis of accounting, what did TLR Consulting earn in service fees for 2018?

• A) $403,000
• B) $417,000
• C) $433,000
• D) $447,000

---

Definitions:

Least Cost

Least cost refers to the approach or method that involves the lowest possible expenditure or use of resources to achieve a specific goal or output.

Regardless Of Fit

Making decisions or evaluations without considering how well someone or something matches or aligns with a specific role or context.

Employment Equity Legislation

Laws and regulations aimed at eliminating employment barriers and discrimination against marginalized or underrepresented groups, ensuring fairness and diversity in the workforce.

Quality Of Life

A broad concept that encompasses an individual's overall well-being, including health, comfort, and happiness, influenced by various life factors.