Trade Receivables

question 28

Multiple Choice

Trade receivables

• A)do not result from the operations of the business.
• B)are employee advance transactions.
• C)are loans to company officers.
• D)are the result of sales transactions.

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Definitions:

Ownership

The legal right to possess, use, control, and dispose of property or an item.

Shareholders

Individuals or entities that own shares in a corporation, giving them partial ownership and a claim on its profits.

Corporation

A legal entity recognized by law as separate from its owners, with its own rights, privileges, and liabilities.

Ownership

The legal right or title to possess and use property, whether tangible or intangible.