Tests of controls determine whether the database contents fairly reflect the organization's transactions
Indicate whether the statement is true or false
F
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Lewis Corporation reported the following information for the year ended December 31, 2015: Net income $ 10,000 Dividends 6,000 Retained earnings at December 31, 2015 25,000 What was the economic effect of the payment of Lewis' dividends?
a. The dividend reduced net income for 2015. b. The dividend should be equal to net income if the company's accounting equation is in balance. c. The dividends reduce total retained earnings for the year. d. The dividends must be paid whenever Lewis Corp. reports net income.
Answer the following statements true (T) or false (F)
1. Treasury stock is recorded at cost, without reference to par value. 2. Treasury stock has voting rights and receives cash or stock dividends. 3. The journal entry for the purchase of treasury stock includes a credit to Cash. 4. The journal entry to record the purchase of treasury stock includes a debit to Treasury Stock - Common for the shares purchased multiplied by the par or stated value of the stock. 5. If treasury stock is resold for more than cost, the difference is debited to the account Paid-In Capital from Treasury Stock Transactions.
The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings
Indicate whether the statement is true or false
Which type of diversity definition might include human differences such as culture, lifestyle, age, and religion?
a. Narrow based b. Broad-based c. Conceptual rule d. Cultural based