The Purchase of Expensive Possessions, Reading of Flashy Magazines, and Exploitation

question 137

Multiple Choice

The purchase of expensive possessions, reading of flashy magazines, and exploitation of relationship are all indicative of the need for

• A) achievement
• B) affiliation.
• C) sublimated affection.
• D) power.

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Definitions:

Ending Merchandise Inventory

The value of goods available for sale at the end of an accounting period, before any year-end adjustments.

Accrued Salaries Expense

Refers to the salaries that have been incurred by the business but have not yet been paid or recorded in the financial statements.

Completed-Contract Method

An accounting method used where revenue and profit are deferred until a contract is completed, particularly useful in long-term projects.

Percentage-Of-Completion Method

An accounting method used to recognize revenue and expenses of long-term contracts proportionally to the amount of work completed.