If the two totals of a trial balance are not equal, it could be due to
A) failure to record a transaction
B) recording the same erroneous amount for both the debit and the credit parts of a transaction
C) an error in determining the account balances, such as a balance being incorrectly computed
D) recording the same transaction more than once
C
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Which of the following items is consistent with earnings not being informative about current performance but are informative about future earnings?
a. The firm recognizes an unexpected gain b. The firm recognizes a fair value gain on a financial asset as a result of a favorable move in interest rates. c. The firm recognizes additional expenses this period due to pre-opening costs associated with new stores. d. The firm experiences a large jump in sales and earnings as a result of successful research and development of new products.
If a company sells merchandise with credit terms 2/10 n/60, the credit period is 10 days and the discount period is 60 days.
Answer the following statement true (T) or false (F)
A company usually prepares a value statement before preparing a mission statement
Indicate whether the statement is true or false
The Code provides that its remedies shall be liberally administered to place the aggrieved party in a position as good as the one she would have occupied had the defaulting party fully performed
a. True b. False Indicate whether the statement is true or false