Which of the following statements is false?
a. A balance sheet reports a company's cash balance at a specific date.
b. An income statement reports the amounts of revenue and expense on an accrual basis, not the amount of cash received from revenues or paid for expenses.
c. A statement of retained earnings reports the amount of cash received from operating activities and the amount of cash paid for dividends.
d. A statement of cash flows explains the changes in cash from operating, investing, and financing activities.
c
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A(n) ______________________________ is an internal source document used to notify the general ledger to make an accounting entry
Fill in the blank(s) with correct word
Stare decisis means:
A) A jury's decision cannot be overturned by a judge B) The power to make laws is given only to the courts as governments cannot make laws C) The Small Claims Courts cannot hear matters involving failure to pay debts D) A judge is bound to follow a principle of law laid down by other judges of higher rank E) A decision is not binding unless the judge gives written reasons
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:
A. A debit to Cash of $42,000. B. A credit to Accumulated Depreciation of $40,000. C. A credit to Gain on Sale of $2,000. D. A debit to Accumulated Depreciation of $47,000. E. A credit to Machinery of $47,000.
Today, the United States has been ejected from the International Monetary Fund for refusal to pay annual dues
Indicate whether the statement is true or false.