Common Transactions in the Sales/collection Process Include

question 64

Multiple Choice

Common transactions in the sales/collection process include:

• A)Selling goods on credit.
• B)Receiving cash on account.
• C)Both selling goods on credit and receiving cash on account.
• D)Neither selling goods on credit nor receiving cash on account.

---

Definitions:

Ethics Codes

Written guidelines issued by organizations to their members to help them conduct their actions in accordance with its primary values and ethical standards.

Primary Duty

The main or most important obligation or responsibility that an individual or organization is expected to perform.

Reasonable Diligence

The level of effort and care expected from a person in a given situation, characterized by prudence, responsibility, and attentiveness.

Model Rule 3.3

A professional conduct rule for attorneys in the U.S., stipulating that a lawyer must not knowingly make false statements to a tribunal or fail to correct false statements made by the lawyer or the client.