A Business Collects Cash from a Customer in Payment of Accounts

question 126

Multiple Choice

A business collects cash from a customer in payment of accounts receivable.Which account is credited?

• A) Cash
• B) Accounts receivable
• C) Service revenue
• D) Supplies

Understand the conditions under which a buyer can revoke acceptance of goods.

Recognize the ability of parties in a sales contract to limit or exclude certain damages.

Identify the implications of not specifying a place of delivery in a sales contract.

Comprehend the obligations of a seller under the United Nations Convention on Contracts for the International Sale of Goods.

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Definitions:

Internal Locus

The belief that individuals have control over their life events and outcomes, as opposed to external forces.

Control

Control refers to the power to influence or direct people's behavior or the course of events.

Unconscious

The part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Validity Scales

Measures used in psychological testing to assess the truthfulness or consistency of the test-taker's responses.