The Drawing account is an expense account and is closed into the Capital account
Indicate whether the statement is true or false
false
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Boston Trombley Company is a defendant in a lawsuit alleging damages of $3 billion. The litigation is anticipated to continue for several years, but no reasonable estimate can be made at this time regarding ultimate financial responsibility. This situation is an example of:
a. An $3 billion expense to be recorded in the income statement during the year of the suit. b. A loss contingency that should be disclosed in the notes to Boston's financial statements. c. An estimated liability that must appear in Boston Trombley Company's balance sheet. d. None of these. No accrual or disclosure is required in Boston's financial statements.
If you make a mistake with a customer, attempt to cover it up
Indicate whether the statement is true or false
Chapter 11 of the ________ gives the Securities and Exchange Commission the authority to render advice when certain debtor corporations have filed for reorganization
A) Private Securities Litigation Reform Act B) Market Reform Act C) Bankruptcy Abuse Prevention and Consumer Protection Act D) Securities Enforcement Remedies and Penny Stock Reform Act
In the context of strategies used for adopting HR technology, the best of breed strategy is the selection of an integrated system from a single vendor.
Answer the following statement true (T) or false (F)