Recording an account with a debit balance as a credit, or an account with a credit balance as a debit, will cause the trial balance to be out of balance by an amount that is evenly divisible by two
Indicate whether the statement is true or false
True
You might also like to view...
Cost control is the emphasis of life-cycle cost management
Indicate whether the statement is true or false
Wintergreen Products allocates overhead based on direct labor hours. During 2011 overhead was overapplied by $4,000. Assuming that the year-end adjustment to clear out the overapplied overhead has not yet been done, which of the following statements is most likely true if there are no ending inventories?
A) Direct material costs are understated B) Direct labor costs are understated C) Cost of goods sold is overstated D) Net income is overstated
Assume that Besley Golf Equipment commenced operations on January 1, 2018 and was granted permission to use the same depreciation calculations for shareholder reporting and income tax purposes. The company planned to depreciate its fixed assets over 15 years, but in December 2018 management realized that the assets would last for only 10 years. The firm's accountants plan to report the 2018 financial statements based on this new information. How would the new depreciation assumption affect the company's financial statements?
A. The firm's reported net fixed assets would increase. B. The firm's EBIT would increase. C. The firm's reported 2018 earnings per share would increase. D. The firm's cash position in 2018 and 2019 would increase. E. The provision will increase the company's tax payments.
The United States is one of only a few countries in the world where the government takes an active role in deciding what kinds of advertising are allowable, fair, or appropriate.
Answer the following statement true (T) or false (F)