Which of the following sequences states the order in which accounts are listed on a trial balance?
A) Equity ? Assets ? Liabilities
B) Liabilities ? Assets ? Equity
C) Assets ? Equity ? Liabilities
D) Assets ? Liabilities ? Equity
D
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What type of interest is calculated on the balance of the principal only?
a. equivalent interest b. compounded interest c. future interest d. simple interest
According to the FASB, the usefulness of accounting is judged by which of the following two prime qualitative characteristics of accounting information?
a. Comparability and neutrality b. Understandability and comparability c. Verifiability and timeliness d. Relevance and reliability
Retailers handle the financial exchange when a customer pays for a product. This is an example of the ________ function of channel intermediaries
A) communication B) marketing C) promotional D) transaction E) management
In a short essay, list and describe five of the eight major underlying principles in which ethical behavior can be interpreted and evaluated.
What will be an ideal response?