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:

Government-Insured Deposits

Refers to deposits in a financial institution that are protected by a government agency against the failure of that institution.

Unstated Premise

An implicit assumption in an argument that is not directly expressed but is required for the conclusion to follow.

Leprechauns

Mythical creatures in Irish folklore, often depicted as small, bearded men who partake in mischief.

Enthymeme

An argumentative technique that operates as a syllogism but omits one of its premises.