Adjustments for Accruals Are Needed to Record a Revenue That

question 40

True/False

Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded.

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Definitions:

Reasonable Assumption

A premise made on the basis of apparent facts or evidence, considered to be logical or sensible under given conditions.

Hose Couplings

Devices used to connect the ends of hoses together or to a tap or a hose appliance, such as a sprinkler or nozzle.

Place of Delivery

The specified location where goods are to be delivered as per the terms of a contract.

Goods

Physical, tangible products or merchandise that can be used, sold, or exchanged.