Which if the following is true about source documents?
a. They provide
objective evidence of business transactions; b. They provide verifiable
evidence of the accuracy of the accounting records; c. They should be filed for possible future reference; d. They serve as input for transaction analysis; e. All of the statements are true
E
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Under governmental accounting, a fund is defined as a fiscal and accounting entity with a self-balancing set of accounts
Indicate whether the statement is true or false
Online bookmarking, rating of products, and information contributed by consumers are examples of
A) news aggregation. B) media auditing. C) online socializing. D) story-editing. E) user-generated content.
Cash flows from acquiring and disposing of long-term assets are classified as
A) operating activities. B) investing activities. C) financing activities. D) purchasing activities.
Bill is injured while standing on the corner of Hollyhock and Vine when Mia's new Hog speeds out of control because of a defective part. In most jurisdictions, Bill:
a. can sue the motorcycle manufacturer even though he does not have privity. b. cannot sue the motorcycle manufacturer because his injuries are personal injuries as opposed to economic loss. c. cannot sue the motorcycle manufacturer because the lemon laws require arbitration. d. cannot sue the motorcycle manufacturer because there is no privity of contract.