Reuse can apply to development activities such as ________

Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:

a. Total assets decrease and equity increases. b. Both total assets and total liabilities decrease. c. Total assets, total liabilities, and equity are unchanged. d. Both total assets and equity are unchanged and liabilities increase. e. Total assets increase and equity decreases.

Which of the following is not true of ordinary repairs?

a. They primarily benefit the current accounting period. b. They can be referred to as revenue expenditures. c. They maintain the expected productive life of the asset. d. They increase the productive capacity of the asset.