Falana Received $7,000 in Cash from a Client for Professional

question 29

Multiple Choice

Falana received $7,000 in cash from a client for professional services rendered.This transaction would

• A) increase assets and increase owner's equity.
• B) decrease assets and increase owner's equity.
• C) increase liabilities and decrease owner's equity.
• D) decrease assets and decrease owner's equity.

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Definitions:

Sustained Competitive Advantage

The long-term ability of a company to remain more competitive than its rivals by maintaining unique value propositions.

Training And Reward

The process of providing employees with the necessary skills for their roles and incentivizing them with various forms of compensation or recognition.

Talent

The innate abilities, skills, and expertise that individuals possess, which can be leveraged to meet organizational goals.

Fringe Benefits

Additional benefits offered to employees beside their basic salary, such as health insurance, paid vacations, or retirement plans.