When starting a savings plan:
A) Have at least five months' income saved for emergencies
B) Wait until you have acquired your career job
C) Save only in months where you have extra income
D) All of the above
E) None of the above
A
Business
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Assume that the value of diagnostic equipment suddenly falls because of technological obsolescence. How is the balance sheet adjusted to preserve the accounting identity?
a. Short-term liabilities are reduced. b. Long-term liabilities are reduced. c. Equity is reduced. d. Inventories are reduced. e. Cash is reduced.
Business
Wages Payable, Notes Payable, Unearned Revenue and Accounts Payable are all liability accounts with normal credit balances.
a. true b. false
Business