When You Record the Receipt of a Customer Payment QuickBooks

question 8

Multiple Choice

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

• A)Bank Account, Accounts Receivable
• B)Accounts Payable, Undeposited Funds
• C)Accounts Receivable, Undeposited Funds
• D)Accounts Receivable, Bank Account

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Definitions:

Consumer Surplus

The gap in the total amount consumers are ready and capable of investing in a service or good and the actual outlay they make.

Maximum Price

A price ceiling set by a governing body, above which a particular good or service cannot be sold to prevent prices from becoming prohibitively high.

Actual Price

The price at which a good or service is sold in the market, as opposed to its listed or theoretical price.

Producer Surplus

The difference in the expected remuneration by producers for offering a good or service and the actual revenue they secure.