How does providing services for cash affect the accounting equation? Is it considered an asset source, asset use, or asset exchange transaction?
What will be an ideal response?
Providing services for cash increases assets and increases equity. It is considered an asset source transaction.
Providing services for cash increases cash, an asset, and revenue increases equity (retained earnings).
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Which of the following consumer promotion tools offers a free amount of a product or service delivered door-to-door, sent in the mail, picked up in a store, attached to another product, or featured in an advertising offer?
A) coupons B) rebates C) premiums D) samples E) price packs
When the board of director's declares a cash or stock dividend, this action decreases retained earnings
Indicate whether the statement is true or false
Misuse of procedure can occur even when the plaintiff succeeds in the litigation
a. True b. False Indicate whether the statement is true or false
Olin, a professional artist and art teacher, convinces Plato, who has no artistic ability, that he has considerable talent and induces him to pay Olin $10,000 for art lessons. When Plato realizes the truth, he files a suit against Olin. Plato is most likely to recover on the basis of
A. fraud. B. mistake. C. undue influence. D. none of the choices.