When You Record the Receipt of a Customer Payment QuickBooks

question 8

Multiple Choice

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

• A)Bank Account, Accounts Receivable
• B)Accounts Payable, Undeposited Funds
• C)Accounts Receivable, Undeposited Funds
• D)Accounts Receivable, Bank Account

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Definitions:

Racketeer Influenced and Corrupt Organizations Act

A federal law, commonly known as RICO, aimed at combating organized crime by allowing for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.

Treble Damages

A form of punitive damages awarded in litigation, where the amount of actual damages is tripled as a punishment to the defendant and deterrent to others.

Computer Crime

Computer Crime refers to criminal activities carried out using computers or the internet, including hacking, phishing, and distributing malware.

Statutory Prerequisites

Legal requirements that must be met before certain actions can be taken or certain rights can be exercised.