Which of These Actions Is Not Considered to Be a Corporate

question 123

Multiple Choice

Which of these actions is not considered to be a corporate crime?

• A)antitrust violations
• B)price fixing
• C)drug trafficking
• D)financial fraud

Recognize the role of accounts payable and accounts receivable in business transactions.

Understand the process of recording cash transactions and their impact on the cash account.

Know various types of accounts (assets, liabilities, equity) and their normal balances.

Distinguish between expenses and prepaid expenses.

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Definitions:

Drawings

Withdrawals of cash or other assets from a privately-owned business by the owner(s) for personal use.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.

Debts And Obligations

Financial commitments or responsibilities, such as loans and promissory notes, that an entity is required to pay to others.

Future Economic Benefits

The capability to assist in the direct or indirect increase of cash and cash equivalents for an organization.