During November 2010,Asler,Inc

question 71

Multiple Choice

During November 2010,Asler,Inc.,performs consulting services.The client does not pay Asler until January 2011.

• A)Using the accrual basis of accounting,the revenue is reported in January 2011
• B)Using the cash basis of accounting,the revenue is reported in November 2010.
• C)Using the accrual basis of accounting,the revenue is reported in November 2010.
• D)Using the accrual basis of accounting,the revenue is reported when Asler's expenses are paid.

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Definitions:

Market Demand

The total amount of a product or service that consumers in a market are willing and able to purchase at a given price level in a given time period.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the price they actually pay.

Consumer Surplus

The contrast between the fee consumers are inclined to pay for a good or service and the fee they ultimately pay.

Public Policy

Public policy is a system of laws, regulatory measures, courses of action, and funding priorities concerning given topics, enacted and enforced by governmental entities.