A Good Is Tangible If It

question 217

Multiple Choice

A good is tangible if it:

• A) costs more than $500
• B) can be seen, but not necessarily touched
• C) can be found in more than one state
• D) is a service that anyone can perform without special training
• E) none of the other choices are correct

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Definitions:

Earned

Income or revenue that has been realized or generated, typically through the sale of goods or services.

Collected

The process of receiving or bringing in payments or money owed to an individual or business.

Interest Payable

This is the amount of interest expense that has accrued but not yet been paid by the company.

Note Payable

A written agreement where one party promises to pay another party a certain amount of money at a future date or on demand.