Adkins Company Experienced an Accounting Event That Affected Its Financial

question 1

Multiple Choice

Adkins Company experienced an accounting event that affected its financial statements as indicated below: Which of the following accounting events could have caused these effects on ABC's statements?

• A) Issued common stock.
• B) Earned cash revenue.
• C) Earned revenue on account.
• D) Collected cash from accounts receivable.

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Definitions:

Revocation

The act of officially withdrawing, cancelling, or annulling something, such as a legal document, license, or agreement.

First-Come

A policy or principle where services, goods, or opportunities are provided to individuals or entities in the order that they arrive or request them.

Advertisement

An announcement or advertisement for a product, service, or event disseminated through multiple media outlets.

Screen Printing Business

A company specializing in the process of transferring designs onto materials like fabric and paper using ink and a mesh stencil.