In Its First Year of Operations,Grace Company Reports the Following

question 19

Multiple Choice

In its first year of operations,Grace Company reports the following: Earned revenues of $60,000 ($52,000 cash received from customers) ; Incurred expenses of $35,000 ($31,000 cash paid toward them) ; Prepaid $8,000 cash for costs that will not be expensed until next year.Net income under the accrual basis of accounting is:

• A)$17,000.
• B)$21,000.
• C)$13,000.
• D)$25,000.
• E)None of the answer choices is correct.

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Definitions:

Criteria

Conditions or parameters specified in a query or filter to limit which data is retrieved from a database.

Action Queries

Database commands that perform operations such as update, delete, or insert on records in a table according to given criteria, altering the data.

Delete Query

A type of SQL command or query designed to remove records from a database table based on specified conditions.

Update Query

A type of database query that modifies the data in existing records based on specified criteria.