The columns on a trial balance represent:
A) revenues and expenses.
B) debits and credits.
C) common stock and dividends.
D) subtotals and totals.
B) debits and credits.
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Retained earnings
a. is the same as contributed capital b. cannot have a debit balance c. changes are summarized in the retained earnings statement d. is equal to cash on hand
The installment sale method can be used for all of the following transactions except
A. the sale of a painting by an art collector. B. the sale of an individual's personal car. C. the sale of a sole proprietor's office building. D. the sale of a yacht by a shipbuilder.
Which of the following is the final element in the Foursquare Protocol for ethical decision-making?
A. gathering all the facts B. reflecting on past experiences C. identifying the differences between the present and the past D. analyze the situation
Brooke enters into a contract with Max to purchase several electronic goods. Brooke claims to be Jack's agent, even though she is not. Which of the following agency relationships is formed if Jack honors the contract?
A) agency by estoppel B) agency by ratification C) agency by implied authority D) agency by agreement