Able2 Company Received a Cash Advance of $800 from a Customer

question 128

Multiple Choice

Able2 Company received a cash advance of $800 from a customer. As a result of this event

• A) assets increased by $800.
• B) owner's equity increased by $800.
• C) liabilities decreased by $800.
• D) assets and owner's equity both increased by $800.

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Definitions:

Relative Confidentiality

A principle that acknowledges confidentiality may be situational and not absolute, varying with context and necessity.

Client's Privacy

The protection of personal and sensitive information of clients, ensuring it is not disclosed without consent and is handled with confidentiality.

Disclosure

The act of making something known or public, especially information that was previously secret or confidential.

Conflicts of Interest

Situations in which a person or organization is involved in multiple interests, financial or otherwise, which could potentially interfere with their duties or impartiality.