A journal entry is a notation that consists of either a single debit or a single credit that is recorded in the general ledger
Indicate whether the statement is true or false
False
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Lang Industries provided services to customers then sent invoices for the amounts owed. What effect does this transaction have on the accounting equation?
A) Assets and liabilities increase B) Assets and retained earnings increase C) Liabilities decrease and contributed capital increases D) Assets and liabilities decrease
Jamal was recently hired as a sales representative for a pharmaceutical company. He notices that all the other sales reps "pad" their expense accounts by claiming meals with clients that never took place and then pocket the extra money. Jamal figures that since everyone else is cheating on their expense accounts, he might as well do the same. What ethics trap is Jamal falling into?
a. following orders b. competition c. conformity d. lost in a crowd
The riskiness of a future cash flow is measured by ________ , and these are all components of the SML
A) the firm's standard deviation, correlation, and the market risk premium B) beta, the market risk premium, and the firm's standard deviation C) the market risk premium, beta, and correlation D) beta, the market risk premium, and the risk-free rate
Sales analysis
A. is usually a good first step when setting up a control system. B. typically involves reorganizing existing information rather than gathering new information. C. may involve analyzing many different breakdowns of overall sales. D. All these answers are correct.