Wolfermans

question 53

Multiple Choice

Wolfermans.com is a website that sells delectable muffins,rich desserts,smoked turkeys,and other food attractively packaged and ready for gift-giving.All a visitor has to do is decide what to buy.Wolfermans.com is an example of a(n) __________ website.

• A)intermediary
• B)promotional
• C)multichannel
• D)direct sales
• E)transactional

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Definitions:

Revenue Recognition Principle

An accounting principle that outlines the specific conditions under which revenue is recognized.

Unearned Rent Revenue

Income received by a company for rent that has not yet been earned because the service period has not occurred.

Unearned Service Revenue

Income received by a company for services yet to be performed; considered a liability until the service is delivered.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.