Which of the Following Are Not Among the Four Categories

question 48

Multiple Choice

Which of the following are not among the four categories accounting for three-quarters of consumer spending?

• A)Utilities
• B)Clothing
• C)Food
• D)a and b
• E)a, b, and c

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Definitions:

Revenue Recognition Principle

An accounting guideline that determines the specific conditions under which revenue is recognized or accounted for.

Expense Recognition Principle

A core principle of accrual accounting that dictates when expenses are recognized and reported in the financial statements, generally aligning expenses with the revenues they help to generate.

Income Statement

A financial report detailing a company's revenue, cost of goods sold, gross profit, operating expenses, and net income over a specific period.

Managers

Individuals responsible for planning, directing, and overseeing the operations and fiscal health of a business or organization.