A Revenue Transaction Results in All of the Following Except

question 127

Multiple Choice

A revenue transaction results in all of the following except:

• A) An increase in assets.
• B) An increase in owners' equity.
• C) A positive cash flow in either the past, present, or future.
• D) An increase in liabilities.

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Definitions:

Voidable

Describes a legal agreement that may be declared invalid by one of the parties due to specific conditions such as fraud, coercion, or incapacity.

Minors

Individuals who are under the age of legal competence or adulthood, typically under 18 years old.

Purchase

The act of acquiring goods or services in exchange for money or other consideration.

Executed

In legal terms, it refers to a contract or document that has been fully signed and completed by all parties involved.