The Statement That Events in the Universe Proceed from a State

question 52

Multiple Choice

The statement that events in the universe proceed from a state of higher energy to one of lower energy describes the_____________________.

• A)first law of thermodynamics
• B)second law of thermodynamics
• C)third law of thermodynamics
• D)fourth law of thermodynamics

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered but not yet paid for.

Accrued Liabilities

Expenses that have been incurred but not yet paid, recognized on the balance sheet for financial reporting purposes.

Quality Of Income Ratio

A ratio that indicates the proportion of income that has been realized in cash and thus gives an idea of the company's cash flow condition.

Accrual Of Revenue

The recognition of income by a business at the time the revenue is earned, not necessarily when cash is received.