The given statement about cost is a true statement as cost becomes most obvious when more money must be spent on one thing, leaving less available for another.
<h3>What is the cost?</h3>
A cost is often the value of the money that was expended during the production or delivery of something or service and is now unavailable for use.
Manufacturing, research, retail, and accountancy all make use of this idea. In business transactions, the cost may be an acquisition cost, in which case the amount of money spent to acquire it is considered to be part of the cost.
Finally, cost becomes most apparent when more money spent on one thing leaves less money for another. This corresponds to a true statement.
As a result, opportunity cost describes a decision we must make in order to make another one.
You have $50, for instance, which you may spend on a date with your partner or on your preferred game. The inability to purchase the game is your opportunity cost if you decide to utilize that money to take your partner out on a date.
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Answer:
The correct answer is letter "B": Using sensory details to help people connect to a cause.
Explanation:
Sensory details are used in writing to attract readers' attention. Those details involve the use of the senses: <em>sight, sound, touch, smell, </em>and <em>taste</em>. Sensory details help information, whether written or spoken, to push the audience to interact with what us being prompted.
<em>In case the objective of using sensory details for a fund-raising message, the writer, for instance, could talk about the need of collecting monetary resources to clean the river that crosses the bridge that connects the suburbs with the city because of its unpleasant bad smelling. The next time the reader goes through the bridge, the individual will likely pay attention to the smelling of the bridge to confirm what the author said, which will possibly lead him or her to contribute with the cleaning cause.</em>
Answer:
1- A) Cash (Dr.) $1,000
Accounts Receivable (Cr.) $1,000
2- b. Unearned Revenue
3- c. determining when to record revenue.
Explanation:
1- When a company sales its products to its customers on credit basis under accrual accounting system it records Accounts receivable as debit and sales as credit. At a later date when the customer pays the cash, the company makes adjusting entry; cash as debit and Account receivable as credit.
2- Cash basis accounting system is one in which revenues and expenses are only record when there is actual cash exchange which means revenue will be recorded only when cash is received from customers and expenses will be recorded when they are actually paid.
Accrual basis allows to record revenue when it is earned and expenses when they are billed. Unearned revenue account will only be used if the company is using accrual basis accounting.
3- Revenue recognition principle guides the account when to record revenue under cash basis and accrual basis accounting systems.
