Collection of a $1,000 Accounts Receivable

question 42

Multiple Choice

Collection of a $1,000 Accounts Receivable

• A) increases an asset $1,000; decreases an asset $1,000.
• B) increases an asset $1,000; decreases a liability $1,000.
• C) decreases a liability $1,000; increases stockholders' equity $1,000.
• D) decreases an asset $1,000; decreases a liability $1,000.

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Definitions:

CIA Operatives

Individuals working for the Central Intelligence Agency, often involved in covert operations, surveillance, and intelligence gathering internationally.

Joseph McCarthy

An American senator known for his 1950s campaigns to expose supposed communist infiltration in the U.S. government, leading to a period of widespread paranoia known as McCarthyism.

George Marshall

An American military leader, statesman, and diplomat who served as the Chief of Staff of the U.S. Army during World War II and later as Secretary of State, where he advocated for the European Recovery Program (also known as the Marshall Plan).

Communist

Pertaining to a political and economic ideology aiming for a classless society with collective ownership of production means, where goods and services are distributed based on need.