Final Exams Are Over and Alex Is Looking for a Summer

question 3

Multiple Choice

Final exams are over and Alex is looking for a summer job to help him pay for school next year.However,since the economic downturn,he is finding it hard to find a job because _________.

• A)he is looking for a relatively high-paying job
• B)he is competing with a lot of other people who have lost their jobs
• C)he is too qualified to do manual labour
• D)he can't fit work into his busy social calendar.

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, as opposed to the accrual basis.

Revenue Recognition

The accounting principle that governs the conditions under which revenue is recognized in the financial statements, ensuring it is recorded when earned.

Payment

It is the transfer of money or goods from one party to another as a settlement of an obligation.

Adjusted

Modified or changed in order to correct or improve the financials, often used in the context of financial statements to present a particular item in a way that reflects its true economic impact.