A transaction that includes a debit to an expense and a credit to a liability indicates that:
A) revenues increased.
B) expenses decreased.
C) liabilities increased.
D) liabilities decreased.
C
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The trust agreement creating Trust X provides for all income of the trust to be distributed to the beneficiaries and requires a reserve equal to tax depreciation to be charged to income. If the trust has gross income of $30,000, expenses charged to income of $28,000, and depreciation of $3,000, how much depreciation can Trust X deduct?
A. $0 B. $300 C. $2,000 D. $3,000
Nintendo, producer of the Wii video game console, might define its competitors as other makers of physically interactive video games
But from a(n) ________ point of view, it would include all firms making physically interactive recreational products. A) industry B) market C) segment D) niche E) interdependent