When Alan bought his car, the bank gave him 24 months to repay his car loan. But when Alan made a request to increase the time frame to 36 months, the bank granted the extension. The bank was willing to offer Alan a ________
A) longer payment term
B) warranty contract
C) service contract
D) special customer price
E) special event price
A
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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.
Procedural law sets out the rights and duties governing people as they act in society.
Answer the following statement true (T) or false (F)
A well-designed purchase order is an example of a
a. preventive control b. detective control c. corrective control d. none of the above
Type I subsequent events Provide two examples of a Type I subsequent event and explain how these events would be treated in the financial statements