For a statement of changes in net worth, which of the following would be a realized decrease in net worth?
a. Dividend income
b. Change in value of land
c. Decrease in value of boat
d. Personal expenditures
e. Salary
D
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When the overall level of business activity declines persistently, there is said to be
A. a revolution. B. a hyperinflation. C. a recession. D. an expansion.
Which of the following is most closely related with the organic growth of an organization?
A) acquiring a product or service brand B) entering new market places C) increasing the operational profitability D) increasing productivity of employees E) developing new products from within
To the user, data processing procedures for routine transactions, such as entering sales orders, appear to be identical in the database environment and in the traditional environment
Indicate whether the statement is true or false
At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Which of the following statements is true?
A) Total assets at the end of the year will be understated. B) Owner's equity at the end of the year will be understated. C) Net income for the year will be overstated. D) Insurance Expense will be overstated.