Your Company Received Payment from a Customer Last Month for a Service

question 47

Multiple Choice

Your company received payment from a customer last month for a service that you provided this month.How will the business activity of the current month affect the basic accounting equation?

• A) Assets will not change; liabilities will decrease; and stockholders' equity will increase.
• B) Assets will increase, liabilities will increase, and stockholders' equity will not change.
• C) Assets will increase, liabilities will not change, and stockholders' equity will increase.
• D) Assets will decrease, liabilities will not change, and stockholders' equity will increase.

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Definitions:

Technological Determinism

The belief that technological development shapes societal changes, cultural norms, and individual behaviors, often in an inevitable or predetermined manner.

Cultural Codes

The systems of symbols and meanings that guide the understanding and behavior within a culture.

Relative Deprivation

A relative measure of poverty based on the standard of living in a particular society.

Resource Mobilization

The process of securing new and additional resources for an organization or project.