Totals on the debit and credit sides of an account, entered to determine the balance of the account, are known as:
a. rulings.
b. credits.
c. debits.
d. footings.
e. revenues.
d
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A) buzzers B) connectors C) informants D) stickers E) bridges
Which of the following is used by companies to separate cash duties and establish stronger control over cash receipts?
A) an encryption system B) an imprest system C) a lock-box system D) a firewall system
What are the two types of price fixing? Briefly define each
What will be an ideal response?
Which of the following is/are true?
a. Management can sell securities with unrealized holding gains (or losses) and transfer through net income to Retained Earnings the entire unrealized holding gain (or loss)—that is, management can affect the timing of gain or loss recognition in net income for securities available-for-sale, but not for trading securities. b. The timing ability is asymmetric in that impairment rules preclude indefinite deferrals of the recognition in income of unrealized losses, but not unrealized gains. c. Users of the financial statements should be alert to the accounting effect on net income in evaluating the profitability of firms with both trading securities and securities available-for-sale. d. all of the above e. none of the above