The accrual basis of accounting records revenues when they are earned. In other words, under the accrual basis of accounting, the receipt of cash and the payment of cash are not the focus of reporting revenues and expenses.
Answer: Option 4
The first sentence makes this statement true. There is no support for choice a. The passage tells us that the spa vacation is more expensive than the...
Answer: Option 2
Under cash basis of accounting, revenue is recognized when Cash is received. Realizable means it is reasonable to expect that cash will be received in the future.
Answer: Option 4
In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as First-in, first-out method.
Answer: Option 5
'Octroi' is a custom duty. If octroi is abolished, the practice of bringing in things from foreign countries illegally will be abolished. So, argument I holds strong....
Answer: Option 3
This is the only option that would encourage people to think of the bakery as a shop they would visit regularly and not just on special occasions.
