Lang Industries received payments from customers who had been billed earlier for services provided. What effect does this transaction have on Lang's accounting equation?
A) Assets and liabilities increase.
B) Assets and stockholders' equity increase.
C) Assets and liabilities decrease.
D) There is no net effect on the accounting equation, as one asset account increases while another asset account decreases.
D
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Overstating inventory in order to overstate net income:
a. is a relatively easy fraud to maintain without getting caught. b. requires that, in subsequent periods, inventory must be understated by larger and larger amounts to maintain the fraud. c. will impact cost of goods sold in the current year and the subsequent year. d. All of the choices are true regarding overstating inventory.
The U.S. Constitution reserves to the federal government all powers not granted to the states
Indicate whether the statement is true or false
If your health care coverage is "guaranteed renewable," the insurance company must renew your insurance with no increase in premiums
Indicate whether the statement is true or false
The main disadvantage of corporations is that corporate income is ________.
A. taxed only once B. always high C. taxed twice D. taxed three times