Which of the following accounts would not be included in the Acquisition and Payment for Long-Lived Assets Cycle? a. Revenue. b.

Question

MrRa [10]

3 years ago

13

Which of the following accounts would not be included in the Acquisition and Payment for Long-Lived Assets Cycle? a. Revenue. b.

Gain on disposal.

Business

1 answer:

velikii [3] · Answer 1 · 2022-07-31T10:46:06+03:00

Answer:

The correct answer is A

Explanation:

Acquisition and Payment Cycle, also called as the PPP cycle for which the payments, purchases and payables, is mainly comprise of the two classes of the transaction. This cycle is regarding the payables and to pay off the payables with cash.

Acquisition and payment of the long lived assets, which are those assets, the business retain for at least one year. The revenue will not be included in the cycle because it is related to the payables.