Net Income:
a. Decreases equity.
b. Represents the amount of assets owners put into a business.
c. Equals assets minus liabilities.
d. Is the excess of revenues over expenses.
e. Represents owners' claims against assets.
Answer: d. Is the excess of revenues over expenses.
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Which of the following statements is true of the North American market?
A) The U.S. is the home country of more top global brands than any other country in the world. B) Canada has a purely capitalist economy but with an outdated manufacturing base and unskilled labor force. C) The North American Free Trade Agreement was signed by the U.S., Canada, and Costa Rica. D) All the three countries that signed the NAFTA have adopted a common currency called the dollar.
Which of the following procedures is not a review procedure for interim financial information?
a. Making inquiries. b. Performing analytical procedures. c. Reading the minutes of the board of directors' meetings d. Obtaining oral assurance from management that there are no subsequent events.
Both programs and procedures are instructions
Indicate whether the statement is true or false
Due to concerns regarding confidentiality, managers should not act as mentors in their subordinates' career development planning.
Answer the following statement true (T) or false (F)