A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to
A) increase one asset, decrease another asset
B) decrease an asset, decrease a liability
C) increase an asset, increase a liability
D) increase an asset, increase owner's equity
B
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Answer the following statements true (T) or false (F)
1. A set of interrelated parts that operate together to achieve a common purpose is called a system. 2. For a jewelry designer, gold and silver rings, earrings, and bracelets are considered system inputs. 3. Feedback is one of the four parts of a system. 4. Sales data would be considered feedback in a system.
Once the products are completed, packaged, and ready for sale, their costs are transferred to the Finished Goods Inventory account
Indicate whether the statement is true or false
Which of the following dictates public relations objectives and strategies?
A) public relations programs B) the broad environment in which the business operates C) business objectives D) advertising and marketing strategies
Which of the following best describes the crisis situations involving BP in 2005 and 2006?
A) Stockholders became enraged by the illegal trading of BP's upper level managers. B) The public learned about the improper behavior in the personal lives of BP executives. C) The products developed by BP were marketed despite knowledge of their potential harm. D) Political candidates supported by BP failed to pass significant environmental restrictions. E) Customers realized that their perception of BP as environmentally responsible did not match reality.