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A newspaper ad for a local toy store indicates that a very inexpensive microscope available for a small child is able to magnify specimens nearly as much as the much more costly microscope available in your college lab. What is the primary reason for the price difference?
Accrued Expense
Costs that have been incurred for goods or services but have not yet been paid for or recorded in the financial statements.
Accrued Revenues
Revenues that have been earned (through the delivery of goods or services) but not yet received in cash or recorded.
Goods
Physical items that are produced or purchased for sale by a business.
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