Receiving a Payment from a Customer on Account

question 181

Multiple Choice

Receiving a payment from a customer on account:

• A)increases stockholders' equity.
• B)has no effect on total assets.
• C)decreases stockholders' equity.
• D)decreases liabilities.

Understand the classification and recording of business transactions and their impact on owner's equity.

Comprehend the methods used to correct errors in accounting records.

Recognize the order of the flow of accounting data from journalizing to financial statement preparation.

Understand the distinction between monotheistic and polytheistic religions.

---

Definitions:

Prolactin

A hormone produced by the anterior pituitary gland that stimulates milk production after childbirth.

Sperm Cell

A male reproductive cell or gamete involved in sexual reproduction.

Ovum

One egg. The female “egg” that unites with the male sperm to begin reproduction.

Uterus

A muscular organ in the female reproductive system where a fertilized egg can develop into a fetus.