During 2013, the Accounts Receivable Balance Increased

question 102

Multiple Choice

During 2013, the accounts receivable balance increased.

• A)This indicates that credit sales exceeded collections on account during the period.
• B)This increase is added to net income in the operating activities section of a statement of cash flows prepared under the indirect method.
• C)This increase is added to credit sales to determine the collections on account during the period.
• D)This indicates that there were no cash sales during the period.

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Definitions:

Lecompton Constitution

A proposed Kansas State Constitution, drafted in 1857, which would have allowed slavery in the state. It was contested and eventually rejected due to widespread opposition to its pro-slavery stance.

Republican Party

One of the two major contemporary political parties in the United States, commonly associated with conservative ideologies, favoring smaller government, lower taxes, and a strong national defense.

Economic Development

The process of improving economic well-being and quality of life through growth and advancement, often measured by GDP growth, employment rates, and infrastructure improvements.

Slavery

A system in which individuals are owned by others as property, deprived of personal freedom, and compelled to perform labor or services.