A Company Received a $6,500 Deposit from a Customer for Goods

question 25

Multiple Choice

A company received a $6,500 deposit from a customer for goods to be delivered the following month. Under the accrual and cash basis of accounting respectively, the account credited is a Accrual basis Cash basis

• A) liability liability
• B) liability revenue
• C) revenue liability
• D) revenue revenue

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Definitions:

Development

is the process of change and growth over time, which can include physical, cognitive, emotional, and social aspects.

Ethical Safeguards

Measures put in place to ensure ethical standards are upheld, protecting participants in research or clients in professional settings.

Replication

In scientific research, the process of repeating a study or experiment to verify results and ensure reliability and accuracy of findings.

Transparency

The quality of being open, honest, and straightforward in communication and actions, fostering trust and understanding.