Indicate how each event affects the financial statements. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.
Increase = I Decrease = DNot Affected = NA
A transaction recorded as a debit to Accounts Receivable and a credit to a revenue account.
Definitions:
Compliance
The act of conforming to a rule, standard, or law.
Shared Values
Fundamental beliefs or ideals that are held in common by members of a group or society.
Groupthink
A psychological phenomenon that occurs within a group of people, in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.
Volunteering
The act of offering one's time and services to a cause or organization without the expectation of financial compensation.
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