The exchange rate is the price at which the ______ of Switzerland exchanges for the ______ of Germany.
a. francs; goods and services
b. goods and services; goods and services
c. francs; euros
d. euros; francs
a. francs; goods and services
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A transaction that includes a decrease to an asset for $600 and an increase to a liability for $600 will be recorded as a compound entry
Indicate whether the statement is true or false
An argument against using credit is that it tends to smooth out consumption over the life cycle
Indicate whether the statement is true or false.
A corporation has a $40,000 credit balance in the Income Tax Payable account. Period end information shows that the actual liability is $47,000. The company should record an entry to debit Income Tax Expense for $7,000 and credit Income Taxes Payable for $7,000.
Answer the following statement true (T) or false (F)
All of the following are service inclination skills EXCEPT:
A. Helpfulness B. Courtesy C. Social sensitivity D. Thoughtfulness E. Clerical speed and accuracy