The accounting system uses a device called an account. An account
a. is created each time a transaction takes place.
b. accumulates the increases and decreases that occur during the period for a single item.
c. is created only for income statement items.
d. is created only for balance sheet items.
e. is created only for statement of cash flows items.
B
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To be successful, leaders need to design control systems that ______.
a. include both rewards and punishments b. are not too rigid, excessive, or intrusive c. that are aligned with the firm’s mission and the leader’s vision and strategic goals d. are low in cost to implement so that an organization can maintain its competitive advantage.
Under the law of assignments, the assignee stands in the shoes of the assignor
Indicate whether the statement is true or false
Prepaid rent may or may not be included in the definition of a security deposit
Indicate whether the statement is true or false
Failure of a landlord to provide pest control as stated in the lease, despite numerous requests from tenants, is tantamount to: ___________
A) a breach of the covenant of quiet enjoyment. B) a physical eviction. C) active waste. D) a constructive eviction.