Double-entry accounting is best characterized as:
a. The number of debit entries posted to the ledger equals the number of credit entries.
b. The number of ledger accounts with debit balances is equal to the number with credit balances.
c. Every transaction affects both an asset account and either a liability account or a stockholders' equity account.
d. The total dollar amount of debit entries posted to the ledger is equal to the dollar amount of the credit entries.
d
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Indicate whether the statement is true or false
A corporation reported cash of $14,000 and total assets of $178,300 on its balance sheet. Its common-size percent for cash equals:
A. 1273%. B. 12.73%. C. 0.0785%. D. 7850%. E. 7.85%.
Wickard v. Filburn concerned the ability of Congress to impose controls on wheat growing, including a small farm that produced a small amount of wheat for use on the farm. The Supreme Court held that the controls were:
a. constitutional; while one farmer made no difference, all small farmers together could impact the wheat market b. unconstitutional since such a small amount was "insufficient commerce," but the regulations could be written to apply to all active sellers in the wheat market c. unconstitutional since all of the wheat was sold or used within the state d. unconstitutional since none of the wheat was sold; all wheat was used on the farm e. constitutional only to wheat actually sold in interstate commerce
Which of the following is true about dividends?
A. Dividends are paid at the discretion of the shareholders. B. Dividends cannot be used for corporate purposes. C. Dividends will be paid to shareholders who have sold their shares prior to the record date. D. Dividends in cash or property, once declared, cannot be revoked.