If Cleaning Expenses for the Year Are $8 200,made Up

question 2

Multiple Choice

If cleaning expenses for the year are $8 200,made up of cash payments of $7 900 and accrued cleaning of $300 what is the amount of cleaning that is closed to the profit and loss summary account?

• A)Nil
• B)$300
• C)$7 900
• D)$8 200

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or offer a service at a lower cost per unit, using fewer resources, than competitors or another entity.

Specialization And Trade

The practice where individuals or entities focus on the production of specific goods or services to trade for other goods or services rather than producing everything they need by themselves.

Terms Of Trade

The ratio of an index of a country's export prices to an index of its import prices.

Bushel

A bushel is a unit of volume that is used for measuring agricultural commodities, with the exact weight varying by the type of commodity.