Prepayments Occur When

question 109

Multiple Choice

Prepayments occur when:

• A)Cash payment (or an obligation to pay cash)occurs before the expense recognition.
• B)Sales are delayed pending credit approval.
• C)Customers are unable to pay the full amount due when goods are delivered.
• D)Cash payment occurs after the expense is incurred and liability is recorded.

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Definitions:

Major Rule

A significant regulatory measure or policy that has a large impact on the economy, society, or government operations.

Administrative Rule

Regulations issued by government agencies to implement laws, detailing the standards and procedures for enforcement of those laws.

ALJs

Administrative Law Judges are officials who preside over hearings and dispute resolutions involving federal regulatory agencies.

Professional Merit Selection

A system of appointment based on qualifications and performance rather than political connections or personal favoritism.