Answer the following statements true (T) or false (F)
1. A business generally has fewer liability accounts than asset accounts.
2. A business generally has just one expense account.
3. The Assets section of the chart of accounts would include prepaid expense accounts.
4. The Liabilities section of the chart of accounts would include accrued liabilities and prepaid expense accounts.
5. Accounts Payable represent amounts a business must pay because it signed a written promissory note.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. FALSE
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Closing entries ultimately will affect
A) total liabilities. B) the Cash account. C) the Retained Earnings account. D) total assets.
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a. operating; operating b. operating: investing c. operating; financing d. financing; operating e. financing; financing
When a speaker replaces the text on PowerPoint slides with graphics, the presentation relies more on the delivery skills of the speaker.?
Indicate whether the statement is true or false
Business torts consist of:
a. interference with contractual relations. b. disparagement. c. fraudulent misrepresentation. d. Each of these are correct.