Consider the Following Events for Sophia Incorporated: Under Cash-Basis Accounting,what

question 159

Multiple Choice

Consider the following events for Sophia Incorporated: Under cash-basis accounting,what is the appropriate day to record the expenses related to the sand volleyball camp?
$$\begin{array} { | l | l | } \hline \text { April } 5 & \text { Sophia purchas es volleyballs for } \$ 200 \text { on account. } \\\hline \text { April } 6 & \text { Sophia advertises a sand volleyball camp tor } \$ 20 \text { a person. } \\\hline \text { April } 12 & \text { Thirty people sign up for the camp paying a total of } \$ 600 . \\\hline \text { April } 21 & \text { Sophia hosts the sand volleyball camp. } \\\hline \text { April } 23 & \text { Sophia pays for the volleyballs purchased on April } 5 . \\\hline\end{array}$$

• A)April 5.
• B)April 12.
• C)April 21.
• D)April 23.

Understand the concept and importance of testing in software development.

Recognize the role of updates and service packs in software maintenance.

Understand the concept of data and its significance in programming.

Realize the importance and structure of programming documentation.

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Definitions:

Retail Method

An accounting practice used in the retail industry to estimate inventory costs based on the retail price.

Merchandise Inventory

Goods available for sale, valued at the lower of cost or market price, on a company's balance sheet.

Estimated Cost

A projection or approximation of the cost associated with manufacturing a product or completing a project.

Net Realizable Value

The estimated selling price of goods minus any costs associated with their sale or disposal.