What Would Be the Effect on December's Statement of Earnings

question 12

Multiple Choice

What would be the effect on December's statement of earnings of a utility bill received on December 27, 2013 but which will not be paid until January 10, 2014?

• A) No expense will be recognized until the bill is paid in January
• B) We would cause an increase in profit by recording the expense in December
• C) Recording the expense in December when it is incurred will increase expenses
• D) Profit will be decreased when we pay the bill in January

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Definitions:

Diploid

Refers to cells that contain two complete sets of chromosomes, one from each parent, typical for somatic cells in sexually reproducing organisms.

Allele Frequency

The proportion of a particular allele (variant of a gene) among all allele copies in a population.

Population Size

The total number of individuals within a species or specific group living in a designated geographical area.