Expense accounts are debited in the closing process
a. True
b. False
Indicate whether the statement is true or false
False
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Adjusting entries may increase or decrease balances in balance sheet accounts and income statement accounts
Indicate whether the statement is true or false
Article 2 of the UCC defines a merchant as a person who deals in the goods of the kind involved in the transaction
Indicate whether the statement is true or false
Mumtaz, Badia and Ilya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and Ilya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from Ilya is:
A) nothing B) $5,000 C) $10,000 D) $15,000 E) $30,000
At its discretion, a court of equity may grant an injunction against breach of a contractual duty when damages for a breach would be inadequate
a. True b. False Indicate whether the statement is true or false