What Would Be the Effect on the Accounts If the Business

question 103

Multiple Choice

What would be the effect on the accounts if the business provided services to a credit customer?

• A) An asset would be debited and an expense debited.
• B) Capital would be credited and Revenue credited.
• C) An asset would be debited and Revenue credited.
• D) An asset would be debited and Capital credited.

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Definitions:

Addition Rule

The addition rule is a fundamental principle in probability that determines the probability of the union of two events happening, considering both their individual probabilities and their intersection.

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A natural, high-voltage electrical discharge occurring within a cloud, between clouds or between a cloud and the ground.

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A government-run gambling game in which participants buy tickets with numbered selections, hoping their numbers match the randomly drawn numbers for cash prizes.

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A fundamental principle in probability theory that calculates the probability of either of two mutually exclusive events occurring.