If a Business Records Revenues When Earned,regardless of Whether Cash

question 25

Multiple Choice

If a business records revenues when earned,regardless of whether cash has been received,and records expenses when they are incurred,the accounting system is a(n)

• A) accrual basis of accounting.
• B) cash basis of accounting.
• C) modified cash basis of accounting.
• D) revenue basis of accounting.

Recognize the broad impact of entrepreneurs on society.

Define entrepreneurship and appreciate its multifaceted nature.

Understand the role of feedback in corporate entrepreneurship and strategic planning.

Grasp the importance of collaboration in entrepreneurial success.

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Definitions:

Trade Discount

A reduction in the retail price of goods, offered by wholesalers or manufacturers to retailers.

Discount

The reduction applied to the price of goods, services, or securities, or the amount by which the market value of a bond falls below its par value.

Golf Club Sets

A collection of golf clubs, typically including a variety of woods, irons, and a putter, used to play golf.

Discount Rate

The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility.