Which of the following statements is correct?
a. The left side of a T-account is the credit side.
b. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts.
c. The left side of a T-account is the debit side.
d. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts.
e. In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction
Answer: c. The left side of a T-account is the debit side.
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A firm's external financing need is financed by which of the following?
A. retained earnings B. net working capital and retained earnings C. net income and retained earnings D. debt or equity E. owners' equity, including retained earnings
In his article, "Innovative Imitation", Theodore Levitt argues that ________
A) imitation is wrong and should be punished B) product imitation might be as profitable as product innovation C) innovation is not possible without substantial imitation D) innovation cannot begin unless dissatisfaction with imitation occurs E) imitation should be against the law because of the intellectual property decision involved