Under the Contract Base Approach,when Management Estimates the Extent of Expected

question 54

Multiple Choice

Under the contract base approach,when management estimates the extent of expected returns as a form of variable consideration,the company must establish a(n) :

• A)Warranty expense account
• B)Returns and allowances account
• C)Refund liability account
• D)Warranty liability account

---

Definitions:

Frustration

is the feeling of being upset or annoyed, especially because of inability to change or achieve something.

Goal

An idea of some desired future state.

Cyberbullying

The use of the Internet (e.g., email, social network sites, blogs) to bully others.

Internet

A global network of interconnected computers and servers that enables the exchange of data, communication, and access to information.