Which of the Following Transactions Would Be Recorded at the Time

question 1

Multiple Choice

Which of the following transactions would be recorded at the time the transaction occurs under the accrual basis,but would not be recorded until sometime in the future under the cash basis?

• A) sale of merchandise on account
• B) payment of interest expenses
• C) payment of employee salaries
• D) issuance of stock

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Definitions:

Lame Duck Amendment

The 20th Amendment to the U.S. Constitution, which shortened the period between the election and inauguration days to reduce the power of outgoing officials.

Bricker Amendment

A proposed amendment to the U.S. Constitution in the 1950s aimed at limiting the president's power to enter into treaties and executive agreements without Senate approval.

Diplomatic Recognition

The formal acknowledgment by one state of another state's existence or of a new government, establishing formal diplomatic relations.

Soviet Government

The political system governing the Union of Soviet Socialist Republics (USSR), a socialist state that existed from 1922 to 1991.