The quality of a finished product depends on the quality of the raw materials used to make it.
Answer the following statement true (T) or false (F)
True
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The post-closing trial balance will generally have fewer accounts than the trial balance
Indicate whether the statement is true or false
A firm's internal control environment is not influenced by
A) management's operating style B) organizational structure C) personnel policies D) monitoring policies
The capital expenditures budget summarizes the effects of financing activities on cash.
Answer the following statement true (T) or false (F)
On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What adjusting entry should be made by Otisco, Inc. for the adjustment on December 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustments had been made?
A. Debit Subscription Expense $387 and credit Cash $387. B. Debit Subscription Expense $516 and credit Prepaid Subscriptions $516. C. Debit Subscription Expense $387 and credit Prepaid Subscriptions $387. D. Debit Unearned Subscriptions $387 and credit Subscription Expense $387. E. Debit Prepaid Subscriptions $516 and credit Subscription Expense $516.