If an Entity Receives a Deposit in Advance of Goods

question 8

Multiple Choice

If an entity receives a deposit in advance of goods or services being supplied, the deposit is initially classified as:

• A) an asset.
• B) revenue.
• C) a liability.
• D) an expense.

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Definitions:

Black-hat Hacker

An individual who violates computer security for maliciousness or personal gain, as opposed to ethical purposes.

Cyberloafing

The act of using an employer's Internet and computing resources for personal activities during work hours.

Social Engineering

A manipulation technique that exploits human error to gain private information, access, or valuables, often through deceiving individuals.

White-hat Hacker

An ethical computer security expert who penetrates systems to identify security weaknesses with the intention of fixing them.