(Modify This Question for Your Province

question 26

Multiple Choice

(Modify this question for your province.) Bill, a college graduate, rented office space under a two-year lease. He needed the space because he contracted with the provincial government to create a program to integrate the various inventories of different government agencies. Bill hired Janet and Fred as full-time programmers for one year. He bought three desks for cash. He bought several laser printers, for which his dad signed as a guarantor. He bought computers from a different seller under a conditional sales contract. Which of these contracts should be evidenced in writing to be enforceable?

• A) The contract with the government, because it will take more than a year to complete
• B) The employment contracts
• C) The contracts for the desks
• D) The dad's guarantee
• E) The lease

Understand how to record supplies and recognize the expense upon their use.

Distinguish between prepaid and accrued expenses.

Recognize and adjust entries for advanced payments and understand the concept of unearned revenue.

Identify different types of adjusting entries and their impact on financial statements.

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Definitions:

Socially Diverse

characterized by a wide variety of cultures, ethnicities, languages, and social backgrounds within a community or society.

Biodiversity

the variety and variability of life forms within a given ecosystem, region, or the entire Earth, including the diversity of species, genes, and ecosystems.

Plant and Animal Species

Various types of living organisms belonging to the kingdoms of Plantae and Animalia, each distinguished by unique characteristics and genetic makeup.

Evolution

The process through which different kinds of living organisms are believed to have developed from earlier forms during the history of the earth.