The financial statement that shows the state of the firms assets, liabilities and owners equity on a specific date is called:

a. balance sheet

b. statement of operations

c. statement of owners equity

d. income statement

Making financial decisions is fairly rare; most people make only few during their lifetime true or false

Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $74,000 and $3,900, respectively. During Year 2, Allegheny wrote off $7,200 of Uncollectible Accounts.

As long as two people have different opportunity costs, each can gain from trade with the other, since trade allows each person to obtain a good at a price lower than his or her opportunity cost.

A burglar steals $200 of petty cash from an office late at night. a banker steals $200,000 by transferring small amounts from thousands of accounts into a secret account of his own. which thief will likely receive the longer sentence?

Which of the following describes an inferior good? A. When consumer income increases, the demand for tea increases. B. When consumer income decreases, the demand for public transit decreases. C.

True or false: When you receive a savings bond worth $100, you can cash it for $100 right away.

Increasing consumption of one good means consumption of the other good must decrease in order to maintain constant utility. Additionally, individuals experience less marginal utility for each additional unit consumed.

True or False:A transfer warranty, made by a person who transfers an instrument for consideration to all subsequent transferees, impliedly makes five warranties relating to good title, authentic signatures, no alterations, no defenses, and no

Meagan deposits $750 from her piggy bank into her checking account at Regions National Bank. The reserve requirement is 10% and the bank has no excess reserves.

In 2019, Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity. The partnership reported losses of $200,000 in 2019 and $100,000 in 2020, Kipp's share being $60,000 in 2019 and $30,000 in 2020.