Which one of the following steps in the accounting cycle is completed only at the end of an accounting period?
a. Business transactions are recorded.
b. Adjustments are recorded.
c. Transactions are journalized.
d. Journal entries are posted to the ledger.
b
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In accordance with the debit and credit rules, which of the following is true?
A) Debits increase assets B) Credits increase assets C) Debits increase both assets and capital D) Credits increase both assets and liabilities.
A C corporation has transferable ownership, which refers to the fact that:
a. a C corporation can change its structure at any time after the first year. b. it can issue stock in exchange for capital and can pass on to new owners. c. it can adapt to more employees as the company grows. d. it can be owned by an unlimited number of shareholders.
Criminal law protects society principally by:
a. vindicating society's values. b. compensating the victim. c. punishing the criminal. d. defining the rules of social behavior.
Ned runs a 7-Eleven store. A gas station is located next door, and there is a McDonald's and an Albertson's on the other side. Ned is likely operating in which type of shopping center?
A. Power B. Regional C. Lifestyle D. Community E. Neighborhood