Which of the Following Is LEAST Likely to Be Considered

question 36

Multiple Choice

Which of the following is LEAST likely to be considered a 'necessary' for a 17-year-old unemployed university student?

• A)A meal at a university refectory.
• B)A 6-month lease of a flat near the university.
• C)A business shirt from a department store.
• D)A laptop computer.

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Definitions:

Payroll

Refers to the total amount of wages, salaries, bonuses, and other compensation paid to employees by a company during a specific period.

Unearned Revenues

Unearned revenues are payments received from customers before the company has provided goods or services, reflected as a liability on the balance sheet.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the correct period.

Revenue Accounts

Accounts that track the income earned by a company from its normal business operations or other activities.