Fleming corp. provided services on account. The transaction would be recorded with a credit to service revenue. The transaction will also be recorded on the accounts receivable ledger as well. Service revenue is an account used in accrual accounting that reports fee income that a company earns during a specific time frame. Accounts receivable is an account that shoes money that is owed to a company by its debtors.
Answer:
Explanation:
- mutually exclusive (ME): If one event occur the other doesn't
- collectively exhaustive (CE): one of the events must occur
a. Undergraduate business students were asked whether they were sophomores or juniors: ME
b. Each respondent was classified by the type of car he or she drives: sedan, SUV, American, European, Asian, or none. ME - CE
c. people were asked, "Do you currently live in (i) an apartment or (ii) a house?": ME
d. A product was classified as defective or not defective: ME - CE
Answer:
The correct answer to the following question will be "Consumption".
Explanation:
Investments, welfare spending, consumer spending are essential elements of GDP. That tells them what a nation is doing well. For every year, GDP is the world's total economic production.
Expenditure on resources consumption includes:
- Durable goods (Furniture, cars, etc).
- Non-durable goods (Oils. clothing, etc).
- Services (Education, health, etc).
Therefore, it's the right answer.
Market economy is the economic system which private businesses can operate freely with minimal state control