An Accounting Firm Collected Cash on Account

question 245

True/False

An accounting firm collected cash on account.As a result of this transaction,assets and revenues increase.

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Definitions:

Net Operating Income

is the profit a company generates from its operations, excluding taxes and interest, focusing on the core business activities.

Obsolete Desk Calculators

Outdated calculating tools that have been replaced by more modern devices but might still be found in storage or used in niche scenarios.

Financial Advantage

Refers to the benefit gained in financial terms, which could come from various sources such as lower costs, higher returns, or other financial gains.

Obsolete Desk Calculators

Refers to desk calculators that have become outdated and are no longer used due to advances in technology.