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Lia Runs a Day Care Center

question 92

Multiple Choice

Lia runs a day care center. She is very particular about the kind of attention her staff lends to the children who come to the day care center. She hires employees who love children and are capable of taking care of them with utmost patience. Her employees are attentive, proactive, and sensitive to the needs of the children. This scenario illustrates that Lia uses _____.


Definitions:

Accrued Salaries

Salaries that have been earned by employees but have not yet been paid by the company, often recorded as a liability on the balance sheet.

Services Paid

Expenses related to services that have been paid for by a company or individual.

Services Performed

Tasks or activities completed by a business in exchange for payment, often recognized as revenue according to the revenue recognition principle.

Post-closing Trial Balance

A list of all accounts and their balances after the closing entries are made, used to check the accuracy of closing entries and prepare for the next accounting period.

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