A Prepayment Consumed During a Period Is

question 21

Multiple Choice

A prepayment consumed during a period is:

• A) an item that is an expense of a given period but not necessarily a cash payment for that period.
• B) an item that may be a cash payment for that period and also an expense for that period.
• C) an item that that may be expensed in the current period.
• D) any of the above.

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Definitions:

Flappers

Young women of the 1920s whose rebellion against prewar standards of femininity included wearing shorter dresses, bobbing their hair, dancing to jazz music, driving cars, smoking cigarettes, and indulging in illegal drinking and gambling.

Smoot-Hawley Tariff

A U.S. law enacted in 1930 that raised import tariffs on thousands of products, contributing to the severity of the Great Depression by restricting international trade.

Conservative

Pertains to a political and social philosophy that emphasizes tradition, established institutions, and prefers gradual development to abrupt change.

Reinhold Niebuhr

An American theologian, ethicist, and commentator on politics and public affairs, known for his influence on political thought, particularly regarding American and Christian realist philosophy.