Why Would a Cash Register Be Considered a Business Good

question 98

Multiple Choice

Why would a cash register be considered a business good?

• A)It is a product or services used to make the consumer's task easier.
• B)It is a product purchased for resale.
• C)It is a product that assists directly or indirectly in providing products for resale.
• D)It is a product that a consumer will make an effort to seek out and buy.

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Definitions:

FASB

The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

IASB

The International Accounting Standards Board, responsible for the development and publication of International Financial Reporting Standards.

Leasing Exposure Draft

A preliminary standard or guideline released for public comment that addresses accounting for lease transactions.

Capital Leases

Leasing arrangements that are considered to possess the economic characteristics of asset ownership, typically leading to the lease asset being recorded on the balance sheet.