Which of the Following Transactions for Bill's Fish 'N Chips

question 10

Multiple Choice

Which of the following transactions for Bill's Fish 'n Chips restaurant would be treated as an accounting transaction?

• A)Bill distributed coupons to local hotels for 10% off and requested that the coupons be distributed to hotel guests.
• B)Bill spoke to a local high school about the rewards and challenges of being an entrepreneur.
• C)Bill signed an agreement with a local fisherman to purchase 20 pounds of halibut each month.
• D)Bill purchased a fryer and a dishwasher,which will be paid for next month.

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Definitions:

Accounts Receivable

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

General Course

A broad educational path focusing on a wide range of subjects or skills.

Equal Dignities Rule

A legal principle stating that agents appointed to perform tasks that must be in writing, such as real estate transactions, also must have their authority granted in writing.

Mortgage

A loan secured by the collateral of specified real estate property that the borrower is obliged to pay back with a predetermined set of payments.