Sales Revenues Are Usually Considered Earned When

question 93

Multiple Choice

Sales revenues are usually considered earned when

• A)cash is received from credit sales.
• B)an order is received.
• C)goods have been transferred from the seller to the buyer.
• D)adjusting entries are made.

Comprehend the importance and types of source documents in an accounting system.

Know how to identify and rectify posting errors in accounting.

Understand the basic principles and components of accounting information systems and their application in real-world scenarios.

Understand the basic concepts and terminology of databases, such as fields, records, and tables.

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Definitions:

System I

Often referred to as "System 1," it is the fast, automatic, intuitive approach of the human brain to decision-making.

System II

Refers traditionally to the analytical, controlled, and effortful mode of thinking, as contrasted with the fast, automatic, intuitive processing of System I.

System I

A term often used in behavioral economics to describe the fast, instinctive, and emotional way of thinking, as opposed to slower, more deliberative thinking.

Availability

The ease with which a particular piece of information can be recalled from memory, often influenced by recent experience or emotional impact.