In September,a Customer Signed a Contract to Have His House

question 132

Multiple Choice

In September,a customer signed a contract to have his house painted and paid for the job in October.The painting company bought the paint in August on account and paid for it in September.The painting company painted the house in November.According to the revenue and matching principles,the painting company should record:

• A)the revenues in November and the expenses in September.
• B)the revenues and the expenses in September.
• C)the revenues and the expenses in November.
• D)the revenues in September and the expenses in August.

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Definitions:

Reliability

The consistency and dependability of a test, measurement, or system to produce the same results under consistent conditions.

Cultural Fairness

The principle of ensuring that assessments, decisions, and treatments do not favour or discriminate against any culture.

Validity

The extent to which a test, tool, or method accurately measures or evaluates what it is supposed to.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.