Examlex
Which one of the following is not considered as material costs?
GAAP
Generally Accepted Accounting Principles, which are a set of rules and guidelines that companies must follow when preparing their financial statements in the U.S.
Accrual-Basis Accounting
An accounting method where revenue is recorded when earned and expenses are recorded when incurred, regardless of cash flow.
Unearned Revenue
Income received by a business for goods or services yet to be provided, often recorded as a liability on the balance sheet until the revenue is earned.
Accrued Revenue
Income that a company has earned but has not yet received payment for.
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