The Effect on the Accounting Equation of the Business Invoicing

question 21

Multiple Choice

The effect on the accounting equation of the business invoicing J.Bird for $1700 for computing services supplied to her on credit:

• A)is an increase in the asset accounts receivable and an increase in profit and loss by $1700 to record the income earned.
• B)is an increase in the asset cash and an increase in profit and loss by $1700 to record the income earned.
• C)is a decrease in the asset cash and an increase in the asset accounts receivable of $1700 to record the amount paid.
• D)is a decrease in the asset accounts receivable and an increase in profit and loss by $1700 to record the income earned.

Prepare general journal entries for a variety of transactions.

Comprehend the nature of interest rates, including the difference between the nominal interest rate and the effective rate on discounted notes.

Understand the process of accruing interest on loans and the significance of adjusting interest expense and interest income.

Understand the role and function of specific hormones in the human body.

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Definitions:

Role-playing

A method or technique used in training and therapy that involves acting out roles or situations to practice skills, understand a perspective, or predict the outcome of an interaction.

Reinforcement

A process in behavior analysis that increases the likelihood of a behavior being repeated by applying a rewarding stimulus or removing a negative one.

Cognitive-behavioral Theorists

Psychologists who emphasize the role of thought patterns and beliefs in influencing behavior and emotions, often proposing therapy approaches to modify these.

Social Anxiety Disorder

A chronic mental health condition in which social interactions cause irrational anxiety and fear.