If the Effect of the Debit Portion of an Adjusting

question 174

Multiple Choice

If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?

• A) decreases the balance of an owner's equity account
• B) increases the balance of a liability account
• C) increases the balance of an asset account
• D) decreases the balance of an expense account

Identify the principles and criticisms of free market ethics as advocated by Milton Friedman.

Distinguish between different philosophies including utilitarianism, deontology, and the Ethic of Care.

Describe the characteristics, rights, and obligations of shareholders and benefit corporations.

Analyze the ethical considerations surrounding duty to rescue and exceptions to general principles.

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Definitions:

Statutory Defense

A defense based on specific statutes or laws that can provide immunity or exoneration to the defendant.

Clayton Act

A piece of federal legislation in the United States enacted to amend antitrust laws by prohibiting certain practices that could lead to monopolies or restrict competition.

Rule of Reason

A legal doctrine that evaluates the legality of business practices based on their overall reasonableness and their impact on competition.

Liability Standard

The established criteria or benchmark for determining legal responsibility or fault in legal cases, varying by jurisdiction and context.