Ethics consists of the unwritten rules we apply in both business and personal lives
Indicate whether the statement is true or false
True
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When individuals invest property in a partnership, the property becomes an asset of the partnership and is owned jointly by the partners
Indicate whether the statement is true or false
Which of the following independent transactions would cause net income to be more than cash from operating activities?
a. A decrease in the accounts receivable account b. An increase in the merchandise inventory account c. An increase in the accounts payable account d. An increase in the accrued wages payable account e. None of these answer choices is correct.
On January 5, 2009, Garrett Company, a calendar-year company, issued $500,000 of notes payable, of which $100,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2009, is
A) Current Liabilities, $500,000. B) Current Liabilities, $100,000; Long-term Debt, $400,000. C) Long-term Debt, $500,000 D) Current Liabilities, $400,000; Long-term Debt, $100,000.
Where is the best place for the bottom line in most business documents?
a. at the bottom (or end) of the document b. after the rationale in the document c. at the top (or beginning) of the document d. none of the above