The account used to record increases in owner's equity from the sale of goods or services is:

A. the cash account.
B. the drawing account.
C. the fees income account.
D. the capital account.


Answer: C

Business

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The amount of beginning retained earnings is equal to the:

A. ending retained earnings of the next year. B. beginning retained earnings of the next year. C. ending retained earnings of the prior year. D. beginning retained earnings of the prior year.

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C-V-P analysis assumes fixed cost:

a. Will remain constant from one period to the next. b. Vary directly with volume. c. Remain constant as volume changes. d. Per unit will remain constant as volume changes.

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Thomas had conducted a thorough pretest before the new ad campaign, so he was fairly sure the elements would work together. A lot was riding on the success of the ad campaign, so he couldn't wait until the campaign was over to see how well it did. During the campaign, he will be monitoring the sales volumes on a daily basis as part of his

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