VTR Corporation's Accounting Information System Recently Reported the Following Information

question 74

Multiple Choice

VTR Corporation's accounting information system recently reported the following information: Cost of goods sold, $1,500.Inventory, $15,000.Unearned service fees, $3,000.Service fees earned, $8,000.Which element of financial statements is not included in the preceding data?

• A)Assets
• B)Equity
• C)Expense
• D)Liabilities

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Definitions:

Supplier Evaluation

The process of assessing and reviewing a supplier's performance, capabilities, and compliance to contractual agreements and quality standards, typically for the purpose of improving business transactions and relationships.

Traditional Criteria

Conventional standards or benchmarks that are used to evaluate or judge something, often based on historical data or long-standing practices.

Scope of Operations

The range or extent of the activities and processes that a business or organization engages in or plans to undertake.

Global Sourcing

The practice of sourcing goods and services from the global market to take advantage of global efficiencies, such as lower cost or higher quality.