The Business Provided Services for Cash

question 101

Multiple Choice

The business provided services for cash. To record this:

• A) an asset is credited and a liability is credited.
• B) an asset is credited and a revenue is credited.
• C) an expense is debited and Capital is credited.
• D) None of the above answers are correct.

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Definitions:

Abolition

The action of abolishing a system, practice, or institution, such as slavery or capital punishment.

Private Property

Ownership of assets (land, buildings, goods) by individuals or corporations, legally protected by the government.

Karl Marx

A 19th-century philosopher, economist, and social scientist best known for his theories about capitalism and communism.

Capitalist

An economic system in which private individuals rather than the state own and control property and businesses, operating for a profit.