Flag question: Question $27$

Question $275$ pts

A government is running a budget surplus when revenue exceeds spending.

Group of answer choices

True

False

Flag question: Question $28$

Question $285$ pts

Which statement is true of accounts whose normal balance is Debit?

Group of answer choices

Assets, Expenses, and Losses

Liabilities, Owner's Equity, and Drawing

Liabilities, Onwer's Equity, and Assets

Liabilities, Owners' Equity and Assets

Flag question: Question $29$

Question $295$ pts

For a decision to be sound, the benefits must be greater than the costs.

Group of answer choices

True

False

Flag question: Question $30$

Question $305$ pts

The closing process takes all revenue and expense related accounts into retained earnings by way of the income summary.

Group of answer choices

True

False

Flag question: Question $31$

Question $315$ pts

Maintaining a locked safe within the cash handling department will assist in preventing theft.

Group of answer choices

True

False

Flag question: Question $32$

Question $325$ pts

If a consumer decides to start drinking tea as a result of coffee prices increases, this is an example of:

Group of answer choices

The substitution effect of a price change

A decrease in reservation price.

The income effect of a price change.

A decrease in demand.

Flag question: Question $33$

Question $335$ pts

Sunk costs represents costs that can be revered amongst alternative decisions.

Group of answer choices

True

False

Flag question: Question $34$

Question $345$ pts

Which control can be put in place in order to have two or more individuals handle the same control?

Group of answer choices

Segregation of duties

Dual custody

Checks and balances

Review and approval

Flag question: Question $35$

Question $355$ pts

The trial balance must always show that the debits equal the credits of all accounts combined.

Group of answer choices

True

False

Flag question: Question $36$

Question $365$ pts

Code of ethics represents a documentation standard for employee ethical behavior.

Group of answer choices

True

False

Flag question: Question $37$

Question $375$ pts

Structural policy is when the government changes the foundation of the economy.

Group of answer choices

True

False

Flag question: Question $38$

Question $385$ pts

Maintaining video surveillance in the check room helps deter potential check theft.

Group of answer choices

True

False

Flag question: Question $39$

Question $395$ pts

Bank reconciliations does not play a role in the cash disbursement internal control environment.

Group of answer choices

True

False

Flag question: Question $40$

Question $405$ pts

Each financial event should impact only one account at a time

Group of answer choices

True

False