Question

a tax year you choose, other than the calendar year, is known as a(n)

bonus year.
fiscal year.
unspecified year.
arbitrary year.

question 17 (3.333333333 points)
an invoice is an example of which of the following?

revenue
a source document
a product
an exchange

question 18 (3.333333333 points)
which of the following is an example of a variable cost?

rent
insurance
professional fees
utilities

Explanation:

Identify the tax year definition

A tax year chosen by a business that does not align with the standard calendar year (January 1 to December 31) is defined as a fiscal year.

Classify an invoice

An invoice serves as original, written proof that a financial transaction has occurred, which classifies it as a source document in accounting.

Determine the variable cost

Variable costs fluctuate in direct proportion to business activity or production volume. Among the choices, utilities (like electricity or water) vary based on usage, whereas rent, insurance, and professional fees are typically fixed.

Answer:

Question 1

• (A) bonus year.
• (B) fiscal year. (Correct answer)
• (C) unspecified year.
• (D) arbitrary year.

Question 17

• (A) Revenue
• (B) A source document (Correct answer)
• (C) A product
• (D) An exchange

Question 18

• (A) Rent
• (B) Insurance
• (C) Professional fees
• (D) Utilities (Correct answer)