Making an adjustments on the work sheet has no direct effect on the actual accounts in the general ledger
Indicate whether the statement is true or false
T
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Only entry-level employees require pre-training
Indicate whether the statement is true or false
A ____________________ increases the probability that a peril will result in a loss.
Fill in the blank(s) with the appropriate word(s).
The ________ is the amount that you agree to pay before insurance coverage kicks in
A) pro rata share B) gratis C) allowance D) deductible E) none of the above
Ogden Motors, Inc. is involved in a lawsuit. It is reasonably possible that the jury will find in favor of the plaintiff and Ogden will owe ten million dollars. What is the appropriate reporting of this lawsuit and what is the effect in the balance sheet?
A. Disclose; no effect in the balance sheet. B. Record; increase stockholders' equity and decrease liabilities. C. Disclose; decrease stockholders' equity and decrease liabilities. D. Record; decrease stockholders' equity and increase liabilities.