A Transaction Involving the Receipt of a $10,000 Retainer by an Attorney's

question 21

Multiple Choice

A transaction involving the receipt of a $10,000 retainer by an attorney's prior to any works being performed on behalf of the client would:

• A)decrease assets
• B)increase liabilities
• C)increase net income
• D)decrease stockholders' equity

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Definitions:

Kingpin

A kingpin is a critical component in the steering mechanism of a vehicle, connecting the steer axle to the wheels and enabling pivoting for steering.

Welded

Refers to the process of joining metal parts together by melting the pieces and adding a filler material to form a strong bond upon cooling.

Bolted

indicates a method of assembling or securing components using bolts, which are types of fasteners designed to hold materials together or to position them.

Upper Coupler

The kingpin deck plate on a trailer that rides on the fifth wheel on a tractor or lead trailer. Built into the subframe of the trailer. Kingpin may be welded or bolted (riveted in much older trailers) into the upper coupler assembly.