A company shows a $800 balance in Prepaid Rent in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired rent of $300. This adjusting entry results in:
A. $300 of prepaid insurance.
B. $300 difference between the debit and credit columns of the Unadjusted Trial Balance.
C. $300 increase in net income.
D. An error in the financial statements.
E. $300 decrease in net income.
Answer: E
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A. Observe the entity's distribution of payroll checks. B. Review standard bank confirmations for indications of kiting. C. Confirm a sample of recorded receivables by direct communication with the debtors. D. Compare a sample of shipping documents to related sales invoices.
Consider Figure 4.1. In the absence of trade, Mexico produces and consumes
a. 10 calculators.
b. 40 calculators.
c. 60 calculators.
d. 80 calculators.
Which of the following statements about Facebook Exchange is not true?
A. It competes with Google Ads (formerly DoubleClick). B. It allows advertisers to target ads. C. It is a social search engine. D. It involves cookies.
One of the dimensions of trustworthiness is ______, which is looking out for others’ interest.
a. loyalty b. selflessness c. consideration d. empathy