Which of the following transactions affects total liabilities?
A. Equipment is purchased for cash.
B. Services are provided for a customer for credit.
C. Payment is made on a bank loan.
D. Common stock is issued.
Answer: C
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Which of the following statements is true of Maslow's hierarchy of needs?
A) The first level of need that an individual has to fulfill is his safety requirements. B) Self-esteem needs act as a powerful drive to create demand for status-improving goods. C) As countries progress economically, more people begin to operate at the physiological level. D) The final stage in Maslow's need hierarchy is self-esteem.
Services high in ________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption
A) trial qualities B) search qualities C) experience qualities D) privacy qualities E) credence qualities
The accountant failed to make the adjusting entry to record the unpaid wages of its employees as of December 31. This error will cause
A) an overstatement of assets, liabilities, and shareholders' equity. B) an understatement of expenses, liabilities, and shareholders' equity. C) an understatement of liabilities and an overstatement of shareholders' equity. D) an understatement of assets and liabilities.
What was the first pension accounting standard?
a. FASB Interpretation 3 b. ARB 36 c. SFAS No. 87 d. ERISA