At the beginning of the year a company had a debit balance in the account Market Adjustment--Trading Securities. During the year the company did not buy or sell any trading securities, but at the end of the year the related market adjustment account had a credit balance. This change indicates that
a. a loss on the income statement was recognized.
b. a gain on the income statement was recognized.
c. the value of the investment account increased.
d. the value of the investment account decreased.
D
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Select the incorrect statement about budgeting committees.
A. Budget committees usually have responsibility for the coordination of budgeting activities. B. Membership on the budget committee is restricted most often to accountants because the budget involves numbers. C. The budget committee is responsible for settling disputes between various departments over budget matters. D. One of the responsibilities of the budget committee is to monitor the organization's progress toward achieving its budget standards.
For an amusement park, concession food stands and the amusement rides themselves are examples of ________
A) MRO products B) specialty products C) processed materials D) equipment E) convenience products
Which of the following is an example of a hallmark of the fiduciary relationship?
a. Loyalty b. Subservience c. Politeness d. Both loyalty and subservience, but not politeness
Signature cards, deposit tickets, checks, and bank statements are all examples of internal control devices for banking activities.
Answer the following statement true (T) or false (F)