Given the Data Below for a Firm in Its First

question 46

Multiple Choice

Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. $$\begin{array} { l r } \text { Revenue earned } & \$ 16,000 \\\text { Accounts receivable } & 3,000 \\\text { Expenses incurred } & 7,250 \\\text { Accounts payable (related to expenses) } & 750 \\\text { Supplies purchased with cash } & 1,800\end{array}$$

• A) $8,750
• B) $11,000
• C) $6,500
• D) $9,200

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Definitions:

Neurilemma

The outermost layer of a myelinated nerve fiber, which plays a crucial role in nerve regeneration and conduction.

Oligodendrocytes

A type of glial cell in the central nervous system responsible for producing and maintaining myelin sheaths around neurons.

Schwann Cells

Specialized cells that myelinate the axons of neurons in the peripheral nervous system, aiding in the rapid transmission of nerve impulses.

Ependymal Cells

Glial cells that line the cavities of the brain and the spinal cord, playing a role in the production of cerebrospinal fluid.