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render services ordered. Until such time as the goods are delivered or the services are performed, the company has a present obligation (the obligation to deliver goods), arising from a past transaction or event (the customer giving the entity cash), the settlement of which will result in outflow of economic benefits (the company will deliver goods or provide a service).b. accumulated depreciationc. allowance for doubtful debtsd. none of the above
FeedbackThe correct answer is: advances from customers for goods and services to be provided next yearQuestion CorrectMark 1.00 out of 1.00Flag questionQuestion textWhich of the following is NOT an essential characteristic of an asset?7Question CorrectMark 1.00 out of 1.00Flag questionQuestion textWhich of the following statements describe management accounting?i. Management accounting produces information for internal users.ii. Management accounting more focused on the future than financial accounting.iii. The emphasis of management accounting system is more on reliability rather than flexibility.iv. Management accounting is not subject to the requirements of generally accepted accounting principles.8