ORF Refers to

question 64

Multiple Choice

ORF refers to

• A)the location of the start site of transcription.
• B)the region of a gene that codes for a protein or a functional RNA product.
• C)the region of a gene that serves as the promoter.
• D)the region between the ribosome binding site and translation initiation codon.

Comprehend the roles of Freight-in, sales returns and allowances, and purchase discounts on inventory costing.

Learn how to record transactions involving returns of merchandise, either purchased or sold.

Grasp the impact of inventory transactions on the Income Statement and Balance Sheet.

Recognize the accounting treatment of inventories and revenue recognition under IFRS and GAAP.

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Definitions:

Deferred Revenue

Money received for goods or services which have not yet been delivered or rendered, considered a liability until the service or good is provided.

Adjusting Entry

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

Deferred Revenue

Money received by a company for goods or services yet to be delivered or performed, recognized as a liability until the service or product is delivered.

Adjusting Entry

An accounting entry made to update the financial records before financial statements are prepared, ensuring they follow the accrual basis of accounting.