A Business Collects Cash from a Customer in Payment of Accounts

question 59

Multiple Choice

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

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

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Definitions:

Credit Balance

An account balance that shows money owed to the account holder, often indicating a creditor position in financial records.

Materials Price Variance

The difference between the actual cost of direct materials and the expected (standard) cost multiplied by the actual quantity purchased or used.

Labour Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost.

Flexible Budget

A budget that adjusts or flexes with changes in the volume or activity level of a business.