Which of the following is an example of a geographic variable?
A) lifestyle
B) race
C) religion
D) climate
D
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During November, ABC, Inc purchased office supplies for cash. The supplies will be used in November. What effect does this purchase transaction have on the accounting equation?
a. Assets increase and stockholders' equity decreases. b. Assets increase and liabilities increase. c. Assets decrease and liabilities decrease. d. There is no effect on the accounting equation as one asset account increases while another asset account decreases.
Which of the following statements is not correct?
a. A change from an inappropriate accounting principle to a proper one should be accounted for as an accounting error. b. A change from an inappropriate accounting principle to a proper one should be accounted for as a change in accounting principle. c. A change from an inappropriate accounting principle to a proper one should be accounted for retrospectively. d. A change from an inappropriate accounting principle to a proper one may require an adjustment to beginning retained earnings for the earliest year reported.
Any subsequent sale of a firm's previously issued common shares from one investor to another (such as occurs on public stock exchanges):
a. increases the recorded amounts of shareholders' equity. b. decreases the recorded amounts of shareholders' equity. c. has as no effect on the recorded amounts of shareholders' equity. d. increases or decreases the recorded amounts of shareholders' equity depending on the facts and circumstances. e. None of these answer choices is correct.
A credit bureau is a private organization that maintains credit information on individuals, which it allows subscribers to access for a fee
Indicate whether this statement is true or false.