A trial balance is a financial statement
a. True
b. False
Indicate whether the statement is true or false
False
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Your professor has dismissed the class, and everyone is walking toward the exit. Ashton takes out his phone and is accessing a site to see whether his favorite celebrity starlet has been released from police custody yet. While staring intently into the phone, he bumps into you, causing you to fall and injure your leg. Has he committed a crime, and if so, what crime has he committed?
What will be an ideal response?
Internal control is a process designed to achieve objectives in which one of the following categories?
a. Reliability of financial reporting. b. Compliance with applicable laws. c. Operational Effectiveness. d. All of the above.
Distinguish between profitability and liquidity
Virginia borrowed money from G & L Lending at 35% interest per year. The state maximum interest rate is 20% per year. Virginia defaulted on the loan. What amount can G& L collect from Virginia?
a. G & L will be able to collect the principal plus 20% interest per year. b. G & L will be able to collect the principal but not any interest. c. G & L will not be able to collect either the principal or interest. d. Any one of the above may be correct. The answer depends on the particular state law.