A Business Renders Services to a Client and Issues a Sales

question 140

Multiple Choice

A business renders services to a client and issues a sales invoice.The amount will be collected from the customer at a later time.Which of the following is true at the time the invoice is issued?

• A)Equity will decrease.
• B)Total liabilities will increase.
• C)Total assets will decrease.
• D)Net income will increase.

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Definitions:

Justifiable Deception

Situations or contexts in which misleading or lying is considered acceptable or warranted based on overarching ethical or moral standards.

Accreditation Standard

A set of criteria or guidelines used by accrediting bodies to evaluate and recognize the quality and standards of educational institutions or programs.

Assessment

Assessment refers to the systematic process of evaluating an individual's performance, skills, knowledge, or characteristics, using various types of instruments or techniques.

Privileged Communication Laws

Privileged communication laws protect certain communications within specific relationships, such as between doctor and patient or attorney and client, from being disclosed without consent.