Debit means increase and credit means decrease for all accounts.
Answer the following statement true (T) or false (F)
False
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An auditor is not required to tell the reader of an audit report when there has been a change in accounting principles that materially affects the financial statements
a. True b. False Indicate whether the statement is true or false
The UCITA does not become law until a state's legislature enacts it as a state statute
Indicate whether the statement is true or false
When is it uncommon for leaders of human services organizations to think about quantifying the growth characteristics of their organization?
a. Training new employees b. Analyzing categories of clients served c. Reviewing budgets d. Assessing outcomes of programs
Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. The journal entry to recognize the potential loss is:
A. Debit Prepaid Legal Expense $500,000; credit Contingent Legal Liability $500,000. B. Debit Legal Expense $500,000; credit Lawsuit Payable $500,000. C. No journal entry is required. D. Debit Contingent Legal Expense $500,000, credit Contingent Legal Liability $500,000. E. Debit Lawsuit Payable $500,000, credit Contingent Legal Liability $500,000.