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Tom Is a Golf Pro, and He Is Using Outlook

question 50

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Tom is a golf pro, and he is using Outlook to manage his schedule.Some of his customers pay him for a single lesson, while others set up regular weekly lessons.In addition, Tom is coordinating the annual two-day tournament at his local golf course.According to the way that Outlook defines calendar items, what type of item is a regular weekly lesson, if you assume that the person taking the lesson is NOT invited to the lesson using Outlook?

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Definitions:

Revenues Test

A criterion used to assess whether revenues are being recognized in the correct accounting period under the accrual basis of accounting.

Operating Segment

A component of a business that engages in business activities earning revenues and incurring expenses, whose operating results are regularly reviewed by the organization's chief operating decision maker.

Separate Disclosures

Financial reporting that requires specific financial statements or items to be presented separately to provide clarity and detail.

Total Revenues

The sum of money received from selling goods or services which are the main activities of a business.

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