A check is a document ordering the bank to pay cash from the depositor's account
Indicate whether the statement is true or false
T
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Equipment with an original cost of $75,000 and accumulated depreciation of $20,000 was sold at a loss of$7,000 . As a result of this transaction, cash would
a. increase by $48,000 b. decrease by $7,000 c. increase by $55,000 d. decrease by $27,000
While most companies make adjustments and prepare statements monthly, many companies complete the accounting cycle only once per year
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
“Economic consequences” is not part of the conceptual framework.
If a company has awakened to the need for social responsibility and has taken mild steps to adopt new policies, they could be categorized at which state of development?
A. stage 1: elementary B. stage 2: engaged C. stage 3: innovative D. stage 4: integrated