A Company Performs Services for a Client on Account

question 115

Multiple Choice

A company performs services for a client on account.When the company receives the cash from the customer one month later:

• A)a revenue account is increased.
• B)a liability account is decreased.
• C)there is no change in total assets.
• D)an expense account is decreased.

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Definitions:

Research

The methodical examination and analysis of materials and sources with the goal of establishing facts and deriving new insights.

Diversity

The variety of differences within a population, including race, ethnicity, gender, age, and many other factors.

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product more efficiently.

Division of Labor

The assignment of different parts of a manufacturing process or task to different individuals in order to improve efficiency.