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Author Question: The purpose of security controls is to ensure that entity resources are protected from loss, ... (Read 43 times)

Capo

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on: Jul 5, 2018
The purpose of security controls is to ensure that entity resources are protected from loss, destruction, disclosure, copying, sale, or other misuse.
  Indicate whether the statement is true or false

Question 2

On January 1, Needem, Inc. borrows 10,000 and agrees to repay the loan plus 8 interest in two years. If the proper adjustment is not made at the end of the first year, what will be wrong with the financial statements?
 
  A) Nothing will be wrong with the financial statements.
  B) Cash will be overstated on the balance sheet.
  C) Expenses will be overstated on the income statement.
  D) Liabilities will be understated on the balance sheet.


skipfourms123

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Reply #1 on: Jul 5, 2018
Answer to Question 1

T

Answer to Question 2

D


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