For a general ledger accounting system to be properly maintained, data must be
A) collected.
B) recorded.
C) properly classified and entered into appropriate records for further summations.
D) All of these answers are correct.
Answer: D
Business
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Manufacturing activities are allowed in bonded warehouses
Indicate whether the statement is true or false
Business
The following items were reported on the balance sheets and income statement for Centerton Inc, a service company: Accounts payable, December 31, 2015 $ 64,000 Accounts payable, December 31, 2016 48,000 Operating expenses—2016 170,000 What amount would be reported in the operating activities section of the statement of cash flows for payments for operating expenses under the direct method?
a. $186,000 b. $154,000 c. $180,000 d. $170,000
Business