Joint ownership of property does not in and of itself creates a partnership.
Answer the following statement true (T) or false (F)
True
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Payment is made for an electric bill which was received and recorded earlier. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. Liabilities decrease and assets decrease.
The purchasing department should make sure that only authorized goods are received, the goods meet order specifications, an accurate count of the goods received is taken, and that accountability is established to assure that all receipts are recorded
a. True b. False Indicate whether the statement is true or false
During the closing process, Retained Earnings is closed to the Dividends account.
Answer the following statement true (T) or false (F)
The employees of an industrial heating and cooling company spent four days installing a large gas furnace in a newly-constructed building. While testing the furnace one week later, an explosion occurred, damaging the building
Damage to the building was covered under the heating and cooling company's general liability insurance. When the heating and cooling company also sought reimbursement for the time its employees spent installing the furnace, the insurer denied coverage and noted a specific applicable exclusion. What exclusion denies coverage for such reimbursement? A) damage to the insured's product B) damage to the insured's work C) damage to impaired property D) damage to the insured's reputation.