An Invoice from a Consultant Was Received for Work Done

question 16

Multiple Choice

An invoice from a consultant was received for work done in May 2019. There was no previous record of the transaction. It will be paid in July 2019. In May 2019:

• A) an asset decreased and an expense increased.
• B) an asset decreased and a liability decreased.
• C) a liability increased and an expense increased.
• D) no entry is required until the next accounting period.

Identify reasons for business failures and successes.

Gain insight into the structure and benefits of different business ownership types, including sole proprietorships, partnerships, and corporations.

Understand the significance of franchises in the business world and the relationship between franchisors and franchisees.

Realize the importance of a business plan's elements in securing financing.

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Definitions:

Social Support

The assistance and comfort received from friends, family, and others, contributing positively to mental and physical health.

Type A Personality

A temperament characterized by high levels of competitiveness, self-drive, impatience, and a constant sense of urgency.

Immune Response

The body's defense mechanism against pathogens, involving the recognition and destruction of harmful substances by the immune system.

Body's Defensive Reaction

The physiological responses activated by the immune system to protect the body against harmful agents, including pathogens and injuries.