Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. In completing the engagement, Zupan pays no costs in March, $2,000 in April, and $2,500 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue?

Will you use single-entry bookkeeping or double-entry bookkeeping? explain why.

Your take on decision making process

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.