Which of the Following Transactions Results in a Decrease in Both

question 54

Multiple Choice

Which of the following transactions results in a decrease in both total assets and net income?

• A)The accrual of salaries expense at year-end.
• B)Collecting cash from an account receivable.
• C)Recognizing revenue which was previously recorded as unearned revenue.
• D)Adjustment of the prepaid rent account for rent which expired during the period.

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Definitions:

Sociocultural Perspective

An approach in psychology that examines how societal and cultural influences impact human behavior and mental processes.

Customs

Traditional practices or behaviors that are characteristic of a specific society, place, or time, often relating to the conduct of everyday life.

Beliefs

Cognitive representations about the world, oneself, or others, that are accepted by an individual as true or existing.

Evolutionary Psychology

A theoretical approach in the social and natural sciences that examines psychological structure from a modern evolutionary perspective.