Which of the following financial statements is a position statement?
A) Balance sheet
B) Statement of cash flows
C) Statement of retained earnings
D) Income statement
E) None of the above
Ans: A) Balance sheet
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JD talks about a student who, when wondering why she had received a certain grade on a paper, asks him, "How can you say that my opinions are wrong? Isn't everyone entitled to their own opinions?" What distinction is the student ignoring?
a. The different between right and wrong. b. The different between a causal reason and a practical reason. c. The different between holding an opinion and justifying an opinion. d. The different between two opinions. e. The different between curiosity and laziness.
Carl Lee lost his wallet at the beach five days ago
Carl is sure there were three credit cards and one debit card in the lost wallet. Assuming he's right and notifies the banks, Carl can lose as much as ________, assuming he has no private insurance protection. A) $ 50 B) $500 C) $650 D) unlimited losses