Which of the following is a TRUE statement regarding expenses?
A) Expenses represent future benefit to the company.
B) The expense recognition principle recognizes revenue in the same period in which the related revenues are earned.
C) Expenses will never result in the creation of a liability account.
D) The critical event for recording salary expense is the payment of cash.
B
Business
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When preparing the report to analyze a proposed quality improvement program, which of the following costs are included in the total costs of undertaking the quality improvement program?
A) warranty costs B) sales returns C) inspection of raw materials D) cost of rework
Business
Each department in a company can be thought of as a link in the company's internal value chain
Indicate whether the statement is true or false
Business