When a Revenue or an Expense Event Is Recognized After

question 77

Multiple Choice

When a revenue or an expense event is recognized after cash has been exchanged it is referred to as

• A)an accrual
• B)a deferral
• C)either an accrual or deferral
• D)neither of these terms describe this event

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Definitions:

Labor

The effort by humans to produce goods or services in exchange for wages or other forms of compensation.

Apache Resistance

The series of conflicts and battles between Apache tribes and European settlers and later the United States government, as part of the Native American resistance to colonization and settlement.

Transcontinental Railroad

A contiguous network of railroad trackage that crosses a continental landmass with terminals at different oceans or continental borders, significantly impacting economy and migration.

Desert Lands Act

A United States federal law passed in 1877 to promote the economic development of arid and semi-arid public lands of the Western states.