The Fair and Accurate Credit Transactions Act (FACT) allows everyone to a free copy of their credit report every year. Why is it a good idea to check your credit report every year?
A) To make sure that there are no errors on it
B) To make sure that someone has not stolen your identity
C) To challenge any unauthorized entries
D) All of the above are good reasons.
Answer: D
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Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?
A) a transaction was not posted B) a payment of $67 for insurance was posted as a debit of $42 to Prepaid Insurance and a credit of $42 to Cash C) a payment of $1,311 to a creditor was posted as a debit of $3,111 to Accounts Payable and a debit of $311 to Accounts Receivable D) cash received from customers on account was posted as a debit of $680 to Cash and a credit of $680 to Accounts Payable
In records management, imaging systems refers to scanned images, micrographics, and electronic images
Indicate whether the statement is true or false.
A taxpayer with only one phone can take a deduction for a portion of the basic phone charge if he is eligible for the home office deduction.
Answer the following statement true (T) or false (F)
Which of the following best describes cash flow from financing activities?
A) Interest expense, minus dividends paid B) Increase (or minus decrease) in stock, plus increase (or minus decrease) in debt, minus interest paid, minus dividends paid C) Interest income, plus dividend income, minus taxes D) Interest paid, plus dividends paid, plus increase (or minus decrease) in stock, plus increase (or minus decrease) in debt