Explain the additional circumstance(s) you selected, including annual amounts paid for or additional cost

An additional cost from selecting a certain course of action is a(n):Multiple ChoiceSunk cost.Period cost.Incremental cost.Pocket cost.Discount cost.

An adjusting entry is usually not required for revenue that is:Multiple Choiceearned, recorded and paid for by the customer in one period.budgeted, paid for, and partially earned in one period but not fully earned until a later period.paid for by the customer and recorded in one period but not fully earned until a later period.earned in one period but not paid for by the customer or recorded until a later period

What is the term for payment received by an owner of a factor of production in excess of the opportunity cost of producing that factor?Multiple choice question.Economic rentEconomic costMarginal costMarginal rent

Explicit costs are also known as (direct/opportunity) costs. (Choose an option from the ones given within parenthesis.)

Adjusting entries are required when:Group of answer choicesthe expense will be incurred with the passage of time.the entity’s profits are below its budget.expenses are recorded in the period in which they are incurred.revenues are recorded in the period in which they are earned.