A Business Performed $8,000 of Services

question 53

Multiple Choice

A business performed $8,000 of services. Their customer paid $3,000 of the amount right away but
Charged the remaining amount. To record this transaction, the business would:

• A)Debit Cash $3,000 and Debit Accounts Receivable $5,000 and Credit Fees Income $8,000
• B)Debit Accounts Receivable $8,000 and; Credit Fees Income $8,000
• C)Debit Cash $3,000; Credit Fees Income $3,000
• D)Debit Cash $3,000 and Debit Accounts Payable $5,000; Credit Fees Income $8,000

Recognize the informational, decisional, and interpersonal roles of managers as identified by Henry Mintzberg.

Identify and understand key management functions.

Recognize and describe management skills and roles.

Distinguish between different research methods in organizational behavior.

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Definitions:

Compounded Semi-annually

An interest calculation method where interest is added to the principal sum of a deposit or loan twice a year, leading to compound interest.

Effective Rate

The effective rate, also known as the annual equivalent rate, is the interest rate on an investment or loan that accounts for the effects of compounding over a given period.

APR

Annual Percentage Rate, which is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, credit card, etc.

Rate Of Return

The appreciation or depreciation of an investment over a set period, quantified as a percentage of the investment's starting value.