________ Represent the Right to Receive Cash in the Future

question 23

Multiple Choice

________ represent the right to receive cash in the future from customers for goods sold or for services performed.

• A) Accounts Receivable
• B) Accounts Payable
• C) Equity
• D) Expenses

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Definitions:

Tort Liability

Legal responsibility that arises from civil wrongs causing harm or loss, not arising from contract law.

Tort Liability

Legal responsibility arising from a civil wrong or injury for which a court remedies in the form of damages.

Civil Liability

involves a legal obligation that arises in civil lawsuits as opposed to criminal proceedings, where an individual is held responsible for damages or injuries caused to another party.

Tort of Nuisance

A legal action for damages caused by a person's unreasonable use of their property, which interferes with others' rights to enjoy their property.