Management's authorization of transactions relates to a control activity in the accounting system
Indicate whether the statement is true or false
T
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Which of the following is one of the social costs associated with cars?
A) traffic congestion B) water pollution C) new highways D) new automobile models E) cleaner roads
Which of the following can be used by an accountant to counter liability imposed under Section 11(a) of the Securities Act of 1933?
A) the nolo contendere rule B) the due diligence defense C) the Ultramares doctrine D) the foreseeability standard
The ethical norms that influence a judge's decision can be determined by ________
A) stating the conclusion B) inferring from the court's reasoning C) stating the facts of the case D) changing the analogy
Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1100 cash from the issue of common stock. 2) Borrowed $570 from a bank. 3) Earned $750 of revenues. 4) Paid expenses of $280. 5) Paid a $80 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $475 of common stock. 2) Repaid $325 of its debt to the bank. 3) Earned revenues of $900. 4) Incurred expenses of $420. 5) Paid dividends of $130. What is the amount of total stockholders' equity that will be reported on Packard's balance sheet at the end of Year 1?
A. $390. B. $1020. C. $1570. D. $1490.