You Have the Choice to Go Skiing During Spring Break,staying

question 201

Multiple Choice

You have the choice to go skiing during spring break,staying at the university to study,or spending the week visiting your family.If you decide to go skiing,the opportunity cost of the holiday is

• A)staying at the university to study because you need to improve your grades.
• B)staying at the university because your parents are paying your tuition.
• C)staying at the university or spending the week visiting your family,depending on what you would have done otherwise.
• D)nothing because you enjoy skiing.
• E)visiting your family because not visiting means that you will feel guilty.

---

Definitions:

Revenue Recognition

The accounting principle that revenue should be recognized in the accounting period in which it is earned and realizable, regardless of when cash is received.

Business Transactions

Economic events or conditions that affect the financial position of a company, which are recorded as entries in accounting records.

Time Period

A specific duration during which financial transactions are recorded and reported in financial statements.

Quality

The degree to which a product or service meets the requirements and expectations of customers.