X&Y Coreceived $4,000 in Payments from Clients for Services Billed in in a Previous

question 18

Multiple Choice

X&Y Co.received $4,000 in payments from clients for services billed in a previous month.What effect does this transaction have on the accounts under the accrual basis of accounting?

• A) Total assets increase by $4,000.
• B) Assets will increase by $4,000 and revenues will increase $4,000.
• C) Total assets will be decrease by $4,000.
• D) The net effect on assets is zero.

---

Definitions:

Self-Regulation

The ability to manage one's own behavior, emotions, and thoughts, aiming towards long-term goals and societal norms.

Prosocial Behavior

Doing something that is good for other people or for society as a whole.

Current Concerns

Issues or problems that are currently present and require immediate attention or consideration.

Long-Term Planning

Long-Term Planning involves setting goals and strategies that will be achieved over an extended period of time, considering future possibilities and uncertainties.