Economic regulations aim at modifying the normal operations of the free market and the forces of supply and demand.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Which of the following was an accomplishment of the American Association of Public Accountants?
a.The passage of a law in 1896 that created the professional designation of “Certified Public Accountant” b.The founding of The Journal of Accountancy in 1905 c.The development of a list of terms and definitions in 1915 d.All of the above
Answer the following statements true (T) or false (F)
Within the continental model of financial reporting, Germany has the closest approach to a uniform national accounting system.
Which of the following is not characteristic of a process cost system
A) The system may use several work in process inventory accounts. B) Manufacturing costs are groups by department rather than by jobs. C) The system accumulates costs per job. D) The system emphasizes time periods rather than the time it takes to complete a job.
When the amount for a debit entry in a general journal is transferred to a specific account in the general ledger, it must be posted as a:
A) debit to the account in the general ledger. B) credit to the account in the general ledger. C) total amount, without regard to debit or credit, since the general ledger accounts do not have spaces for debit and credit entries. D) decrease to the account in the general ledger.