Which of the Following BEST Describes a Way to Determine

question 95

Multiple Choice

Which of the following BEST describes a way to determine the nature of cargo at a bulk transport vehicle fire?

• A) Use past experience to predict
• B) Use bills of lading or placards
• C) Estimate based on type of container
• D) Estimate using information from witnesses

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Definitions:

Matching Principle

An accounting concept that requires expenses to be recorded in the same period as the revenues that are generated as a result of those expenses.

Expenses

It refers to the outflow of cash or other valuable assets from a person or company to another entity as a result of purchasing goods or services.

Related Revenues

Income that is directly connected to the primary operations or activities of a business.

Revenue

The total income generated by a business from its normal business operations, such as sales of goods or services.