Every accounting transaction affects both the balance sheet and the income statement
a. True
b. False
Indicate whether the statement is true or false
False
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The direct materials price variance is best measured and reported to appropriate management personnel at the time
a. purchased quantities exceed standard order size. b. quarterly financial statements are prepared. c. shipments are received and recorded as purchases. d. direct materials are issued to production areas.
_____ are economic resources with the potential to provide future economic benefits to a firm
a. Revenues b. Expenses c. Liabilities d. Assets e. Shareholder Equity
Answer the following statements true (T) or false (F)
1. Team cultures exist independent of the organization’s culture. 2. Members from collectivistic cultures are more likely to conform. 3. Teams from risk-taking cultures may be more creative than those from risk-avoidant cultures. 4. Studies of U.S. and Japanese companies suggest that the latter are more team-oriented.
Which of the following is NOT required by the Fair Credit Reporting Act for a credit bureau that supplies information to companies that grant credit?
a. The credit bureau must, upon request, supply a free credit report to consumers who have been denied credit. b. A credit bureau must investigate consumer credit information that the consumer deems to be inaccurate. c. If requested by the consumer, the credit bureau must avoid sending credit information about the consumer for unsolicited credit and insurance offers. d. All of the above are required.