Revenue and expense accounts at the beginning of the accounting period, and at the end of the accounting period after the post-closing trial balance has been prepared, should have:
a. zero balances.
b. positive balances.
c. a net balance (credits minus debits) equal to the capital account.
d. a net balance (credits minus debits) equal to total assets.
e. negative balances.
a
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The percentage of value of an asset subtracted each year until the value becomes zero, to reflect wear and tear on the asset, is called ________.
A. depreciation B. inventory C. deductible D. reduction
Regular bank examinations and restrictions on asset holdings indirectly help to reduce the ________ problem because, given fewer opportunities to take on risk, risk-prone entrepreneurs will be discouraged from entering the banking industry
A) moral hazard B) adverse selection C) ex post shirking D) post-contractual opportunism
Low-intensity devices such as cellular telephones do not interfere with electronic equipment
Indicate whether the statement is true or false.
In the 1997 Reno v. ACLU case, the U.S. Supreme Court unanimously voted to strike down the anti-indecency provisions of the Communications Decency Act (CDA) because they violated the:
A) freedom of speech provisions of the First Amendment. B) self-defense provisions of the Second Amendment. C) Fourth Amendment to the United States Constitution. D) Fifth Amendment to the United States Constitution.