47) On January 1, ABC sold $30,000 in products to a customer on account. Then on January 10, ABC collected the cash on that account. What is the impact on ABC's accounting equation from the collection of cash on January 10? A) Assets decrease and liabilities decrease. B) No net effect on the accounting equation. C) Assets increase and stockholders' equity increases. D) Assets increase and liabilities decrease. 48) In a sale on account, who is undertaking a financial risk of non-payment? A) The seller B) Both the buyer and the seller C) Neither the buyer nor the seller D) The buyer 49) In Cash Flow reporting when the firm acquires inventory A) There is no Loss and no Gain B) There is a Gain C) There is a Loss D) It depends on the measuring system 50) Separation of duties refers to auditors not being allowed to perform both audit and nonaudit services for the same client. A) Falso B) True