Which of the following are correct for journal entries in the long-term debt and owner's equity process?
A) asset accounts or expense accounts are decreased when a liability is recorded or stock is issued
B) asset accounts or expense accounts are increased when a liability is recorded or stock is issued
C) cash is increased when the liability is paid off or dividends are paid
D) cash is decreased when the liability is paid off or dividends are paid
E) cash is decreased when the liability is paid off or stock is issued
F) both A and B
G) both B and D
H) both C and E
Correct Answer:
Verified
Q10: The auditor is responsible,in the long-term debt
Q11: The documents in the long-term debt and
Q12: Management makes the decision to design internal
Q13: On the balance sheet,the long-term debt and
Q14: The auditor is likely to review all
Q16: For the long-term debt and owner's equity
Q17: Understatement errors are far more likely to
Q18: When using analytical procedures,the auditor considers only
Q19: Because the most likely misstatement in the
Q20: Asset accounts or expense accounts are increased
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents