An increase to a liability account is recorded with a debit entry.

Answer the following statement true (T) or false (F)


False

This is false. An increase to a liability account is recorded as a credit (rather than a debit).

Business

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Which regulation deals with Code Section 170?

A. Reg. Sec. 1.170-5 B. Reg. Sec. 170.162-5 C. Reg. Sec. 1.5-170 D. Reg. Sec. 170 E. Reg. Sec. 170.25-5

Business

Reacting to negative events caused by a company error, consumer grievances, or exaggerated negative press is called:

A) affirmative social responsibility B) acclaiming C) entitling D) damage control

Business

Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $8,000 was recorded. Net cash provided by operating activities for the year is

A) $53,000. B) $47,000. C) $33,000 D) $37,000.

Business

Credit that does not require any collateral to protect the payment of the debt is referred to as ________

A) unsecured credit B) secured credit C) fair credit D) equal credit

Business