The entry made at the end of the accounting period to record wages incurred but unpaid is Accrued expenses, An expense that is recorded on the books before it has been paid is referred to as an accumulated expense, also known as accrued liabilities.
The accounting period in which the expense is incurred is used to record it. Accrued expenses are listed as current liabilities on a company's balance sheet since they represent a company's obligation to make future cash payments. An estimated expense may not match the supplier's invoice, which will arrive at a later time.
According to the accrual method of accounting, costs are recorded as incurred rather than as paid when they are actually incurred.
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The primary distinction between expenses and losses is that costs are incurred in order to produce income, whereas losses are often associated with any other activity. the sale of an asset with a long lifespan for less than its book value. a negative verdict in a lawsuit brought against the business.
The cancellation of bonds that are payable at a cost higher than their carrying value An expense is a business's operational cost incurred to produce income. It may deduct tax-deductible expenses on its income tax returns. Either the cash basis approach or the accrual method is used by accountants to record expenses.
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Answer:interoperability : This is the ability of computer system or software to exchange and make use of information. In other words, interoperability is the property that allows the unrestricted sharing of resources between different systems. It can also be defined as the exchange information resources between different computer through local area network (L. A. N) or wide area network (W. A. N)
There are two main types of interoperability
1.syntactic interoperability
2.Semantic interoperability
Examples
Health care:Hospital and laboratory are increasingly adopting new technologies and devices that are driven by sophisticated software which must integrate at the point of care and with electronic system such as electronic media records.
Explanation:
Answer:The answer is 1 B, 2.the giving up of her $50,000 per year job as an accountant, 3.True
Explanation:
The opportunity cost can be define as a sacrifice whether on the side of an individual, a firm or government. The opportunity cost is the forgone alternatives in order to acquire a product or a services. To an individual, who aims at maximizing his utility from his limited available resources he will have to allocate these limited resources to those wants that are most important. Opportunity cost help an individual to make a judicious use of his scarce resources. .The opportunity cost is also important to a firm because the firm has to choose to allocate its limited available raw materials in the production of a particular product with high demand at the expense of other products with low demand in order to maximize profit.
The opportunity cost to the government is in the preparation of the budget, the government can decide to allocate the available resources to the sector of the economy which is of high priority such as education at the expense of other sectors of the economy.
