Indicate Whether Each of the Following Statements Is True or False

question 121

Short Answer

Indicate whether each of the following statements is true or false.
_____ a) In an accrual accounting system, a debit entry to Cash is never accompanied by a credit entry to Revenue.
_____ b) The adjustment for accrued salaries would involve a debit to Salaries Expense and a credit to Salaries Payable.
_____ c) Adjusting entries will always include either a debit to an expense account or a credit to a revenue account.
_____ d) The closing entry for an expense involves a debit to the expense and a credit to Retained Earnings.
_____ e) The closing entry for a revenue involves a debit to the revenue and a credit to Retained Earnings.

Recognize the existence and creation of implied warranties in sales contracts.

Understand how express warranties are created and how they differ from opinions or representations.

Distinguish between various defenses available to manufacturers or sellers in product liability cases.

Discern the extent of liability under the Restatement (Third) of Torts for commercial sellers and distributors.

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Definitions:

Competence

The ability to do something successfully or efficiently, often referring to specific skills or knowledge.

Self-directed Learning

The practice of individuals taking the initiative, with or without the help of others, to diagnose their learning needs, formulate learning goals, identify resources for learning, choose and implement suitable learning strategies, and evaluate learning outcomes.

Collegial Consultation

A professional practice in which colleagues within the same field share knowledge and advice to improve their work, often in a non-hierarchical manner.

Fieldwork Education

A component of education that involves learning through hands-on experience in a real-world setting outside the classroom.