Every transaction increases at least one account and decreases at least one account.
Answer the following statement true (T) or false (F)
False
A transaction may have any combination of increases and decreases. For example, a purchase of equipment on account increases both equipment and accounts payable. What is true is that every transaction is recorded with at least one debit and at least one credit.
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The Fantastically Fit health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that contains information about the club and a coupon for a one-month free membership. In doing so, Fantastically Fit is most likely attempting to
A. explain value. B. communicate value. C. market value. D. forecast value. E. deliver value.
An effective way of giving advice is often to ask a question, such as "Have you explored enough alternative solutions to your problem?"
Indicate whether the statement is true or false.
Bread Corporation is a C corporation with earnings of $100,000. It paid $20,000 in dividends to its sole shareholder, Gerald. Gerald also owns 100% of Butter Corporation, an S corporation. Butter had net taxable income of $80,000 and made a $15,000 distribution to Gerald. What income will Gerald report from Bread and Butter's activities?
A) $35,000 B) $95,000 C) $100,000 D) $180,000
A _____ is an interest-bearing checking account
A) certificate of deposit B) Treasury bill C) negotiable order of withdrawal (NOW) account D) Series EE U.S. savings bond E) regular checking account