Which of the following is NOT possible for a business transaction?
A. Decrease assets and increase expenses.
B. Increase liabilities and increase expenses.
C. Decrease liabilities and increase revenue.
D. Increase assets and decrease revenue.
Answer: D
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Casey's identity was stolen. The thieves stole lots of money and took out a loan in Casey's name. She notified all the necessary banks and agencies as soon as she discovered the identity theft. Is Casey's credit protected in this situation?
What will be an ideal response?
How is vertical analysis performed and how is it used in financial statement analysis?
Which of these statements regarding project crashing is true?
A) Crashing is not possible unless there are multiple critical paths. B) Activities not on the critical path cannot become critical after crashing. C) Crashing shortens the project duration by assigning more resources to one or more of the critical tasks. D) Crashing a project often reduces the time it takes for lengthy or complex, but noncritical activities.
On December 31, Jacoby Company's Prepaid Rent account had a balance before adjustment of $6,000. Three months' rent was paid in advance on December 1, the first day of the lease term. The adjusting entry needed on December 31 is:
A. Debit Rent Expense $6,000; credit Accounts Payable $6,000. B. Debit Rent Expense $2,000; credit Accounts Payable $2,000. C. Debit Rent Expense $2,000; credit Prepaid Rent $2,000. D. Debit Prepaid Rent $6,000; credit Cash $6,000. E. Debit Cash $2,000; credit Prepaid Rent $2,000.