A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase.
b. Assets increase and stockholders' equity increases.
c. Liabilities increase and stockholders' equity decreases.
d. Liabilities decrease and assets decrease.
c
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Noncontrolling interest relects income from ownership of noncontrolling shareholders in the equity of consolidated subsidaries less than wholly owned
Indicate whether the statement is true or false
Under which circumstance would one less closing entry than usual be made?
A) When a net loss has been suffered B) When dividends are equal to net income for the period C) When net income is zero D) When the Retained Earnings account is zero prior to posting of closing entries
Standard costs for company products are typically used for all except which of the following?
a. Variance analysis and cost control b. Computing production costs in operating budgets c. Determining actual costs per unit d. Determining the cost of goods completed and transferred to finished goods inventory
Semicolons used to link complete thoughts do not require _________________
a. complete sentences b. conjunctions c. verb clauses d. other punctuation