At the end of Year 1, Durango Company recorded an adjusting entry for its obligation under product warranties. During Year 2, it paid cash to settle warranty claims from its customers. The Year 2 warranty settlements are asset use transactions.
Answer the following statement true (T) or false (F)
True
Assets (cash) decrease and liabilities (warranties payable) decrease when the company pays cash to settle warranty claims.
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One effect on the accounting equation when a firm lends money is
a. stockholders' equity decreases. b. liabilities decrease. c. liabilities increase. d. total assets remain the same.
Josephine scored very high on the Scholastic Aptitude Test (SAT) on all three parts. She is likely to possess high ________ intelligence.
A. musical B. logical-mathematical C. practical D. bodily-kinesthetic E. naturalist
Which is NOT something that a fraud perpetrator conducting a bust-out is likely to do?
a. Work to establish credibility b. Contact law enforcement to strengthen their cover c. Quietly buy an existing company that already has established credit or business d. Take on a business name similar to a well-reputed company e. A fraud perpetrator conducting a bust-out is likely to do all of the above
A satisfied worker is not necessarily more productive than a dissatisfied one.
Answer the following statement true (T) or false (F)