Insider trading is frequently prosecuted in Canada and large jail terms are usually given if people are found guilty

At the end of 2015, Schenck Corporation sold its only piece of equipment for $9,000 cash, a price which resulted in a loss of $3,000

During 2015, depreciation expense recognized by Schenck was $1,000. Schenck uses the indirect method to compute net cash flow from operating activities. In reconciling net income to net cash flow from operating activities under the indirect method, the required adjustments based upon the given data: A. Increase net income by $4,000. B. Increase net income by $1,000. C. Decrease net income by $4,000. D. Increase net income by $3,000.

A checking account is sometimes called a transaction account

a. True b. False