Cybill Is an Entrepreneur Who Uses the Prediction Mindset

question 49

Multiple Choice

Cybill is an entrepreneur who uses the prediction mindset.Which of the following describes Cybill?

• A)Cybill wants to open an accounting practice and is very competitive but wants the methods and procedures set up in her practice to make the processing effective and efficient.She plans for all her client work to line up within these practices.
• B)Cybill wants to open an accounting practice and is very collaborative in nature.She wants to discuss with the client the methods and between the two of them choose the method that is best for both.
• C)Cybill wants to open an accounting practice and is determined to outsource all the work.
• D)Cybill wants to open an accounting practice and wants it to be a sole proprietorship so she will be doing all the work and can then predict the outcomes.

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Definitions:

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Accounts Receivable

Amounts owed to a business by its customers from sales or services rendered on credit that are expected to be collected in cash.

Notes Receivable

Financial assets representing amounts owed to the holder by individuals or entities, usually evidenced by formal instruments of credit.

Accounting Issues

Challenges or problems encountered in the preparation, auditing, or analysis of financial statements.