Pawn Shops Unlimited Recorded the Following Four Transactions During April

question 70

Multiple Choice

Pawn Shops Unlimited recorded the following four transactions during April.Which of these transactions would have the same income statement impact in April regardless of whether the company used accrual-basis or cash-basis accounting?

• A)Received $600 from customers for services to be provided in May.
• B)Paid $1,800 for a six-month insurance policy covering the period July 1-December 31.
• C)Paid $700 for an advertisement that appeared in the April 17 edition of the Las Vegas Sun newspaper.

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Definitions:

Modes of Mind

Different ways of thinking and processing information, often discussed in psychological and therapeutic contexts.

Mindfulness-Based Stress Reduction

A therapeutic program that utilizes mindfulness meditation to help reduce stress, anxiety, and depression.

Jon Kabat-Zinn

A professor emeritus of medicine and the creator of the Stress Reduction Clinic and the Center for Mindfulness in Medicine, Health Care, and Society at the University of Massachusetts Medical School.

Founder

An individual who establishes and initiates something, such as a business, organization, or institution.