For Each Transaction Select the Letter of the Type of Adjustment

question 120

Multiple Choice

For each transaction select the letter of the type of adjustment that would be required.
-The cost of commissions to salesmen that has been earned, but not paid at the end of the accounting period is recorded

• A)Deferred expense
• B)Deferred revenue
• C)Accrued liability
• D)Accrued asset

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Definitions:

International Law

A body of rules, agreements, and treaties that govern the conduct and relations between different nations and states.

Public Purpose

This term refers to an underlying principle that government actions must serve the general interests of the community or public at large, rather than private interests.

Just Compensation

A principle requiring that when private property is taken for public use, the owner must be fairly compensated.

Trade Agreements

Contracts between two or more nations that outline how they will work together to ensure mutual benefit in trade.