A Utility Bill Is Received for Expenses Incurred

question 53

Multiple Choice

A utility bill is received for expenses incurred.It will be paid in the following accounting period.Which of the following would be TRUE as a result of the receipt of the utility bill?

• A) Net income will increase.
• B) Owner's equity will decrease.
• C) Total liabilities will decrease.
• D) There will be no effect on total liabilities.

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Definitions:

Iron Rule

A principle or law that is regarded as inexorably true, often associated with strict adherence to certain policies or procedures.

Organizing

The process of coordinating and mobilizing individuals or groups towards achieving a common goal, often used in the context of labor or political movements.

Organizing Model

A framework for union organizing that emphasizes grassroots participation, mobilization, and direct action by workers.

Union Representation

The act of a union acting as an intermediary between its members and the management to negotiate labor contracts and protect workers' rights.