If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?
A) increases the balance of a contra asset account
B) increases the balance of an asset account
C) decreases the balance of an owner's equity account
D) increases the balance of an expense account
D
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If Louis, a salesperson, appears overly excited when he senses his prospects are about to commit, they may interpret his reactions as nonverbal cues indicating he is dishonest.
Answer the following statement true (T) or false (F)
Almost all current liabilities affect the operating category of the statement of cash flows, but one that does not affect cash provided by operating activities is
a. accounts payable. b. interest payable. c. notes payable. d. taxes payable.
Two criteria, addressing questions of larger significance and making the results known to other researchers and practitioners, formed the core of the action research process. One initial project that met this criteria was at ______.
a. Survey Research Center b. Connecticut Interracial Commission c. Massachusetts Institute of Technology (MIT) d. Detroit Edison
Criminal liability for accountants
A. is not an option under securities law; there is only civil liability. B. is possible under the Securities Act of 1933, the 1934 Act, state securities laws, and the Internal Revenue Code. C. may result in fines but not imprisonment from violation of the federal securities laws. D. will result from violation of the accountant-client privilege under federal law.