Indicate Whether Each of the Following Statements Is True or False

question 1

Short Answer

Indicate whether each of the following statements is true or false.
_____ a)A benefit of making credit card sales is that there is no cost to the merchant.
_____ b)A benefit of accepting credit cards is that increased sales may be generated.
_____ c)Recording a credit card sale increases total assets and increases total liabilities.
_____ d)Recording the collection of cash from the credit card company increases cash and increases revenue.
_____ e)The income statement is not affected at the time the cash receipt is recorded.

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Definitions:

Social Structure

refers to the organized pattern of social relationships and social institutions that together compose society.

Evolutionary Concept

A principle in biology that explains the process by which organisms change over generations through variations in heritable characteristics.

Social Facts

Durkheim's concept for norms, values, structures, and social practices that exert influence on individual behaviors and are external to the individual.

Biological Drives

Innate impulses rooted in biology that drive behavior, such as hunger, thirst, sexual desire, and self-preservation.