Which of the Following Transactions and Events Results in a Decrease

question 29

Multiple Choice

Which of the following transactions and events results in a decrease in both total assets and net income?

• A)The accrual of wages expense at year-end.
• B)Collecting cash from an account receivable.
• C)Recognizing previously recorded deferred revenue as revenue.
• D)Adjustment of the prepaid rent account for rent used during the period.

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Definitions:

Federal Government

The national government of the United States, created by the Constitution, comprising the legislative, executive, and judicial branches.

African-American Population

Individuals in the United States who have African ancestry, focusing on their cultural, social, and demographic aspects.

Immigrants

Individuals who move from one country to another, often for reasons like seeking employment, escaping conflicts, or reuniting with family.

Asthma

Asthma is a chronic respiratory condition characterized by episodes of airway inflammation and narrowing, leading to difficulty breathing, wheezing, and shortness of breath.