Which One of the Following Adjustments Decreases Net Income for the Period

question 55

Multiple Choice

Which one of the following adjustments decreases net income for the period?

• A)Recognition of depreciation on plant assets
• B)Recognition of interest earned on a note receivable
• C)Recognition of services that had been provided to customers but the cash has not yet been received
• D)Recognition of rent earned that had been received in advance from customers

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Definitions:

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

CIO

An abbreviation for the Congress of Industrial Organizations, a federation of unions that organized workers in industrial unions in the United States and Canada from 1935 to 1955.

Communist Members

Individuals who are part of a political party or movement advocating for communism, a system where property is owned by the community and each person contributes and receives according to their ability and needs.

Red Scare

A term describing the fear and persecution of presumed communists and radical leftists, especially in the United States during the early 20th century, notably in the 1920s and again in the 1950s.