A valuation performed in litigation must conform to the reporting ...

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A valuation performed in litigation must conform to the reporting provisions of professional standards.
 
  Indicate whether the statement is true or false

Question 2

Indicate whether each of the following changes in accounts would be a debit (D) or credit (C) entry. To decrease Cash To increase Owner, Capital To decrease Accounts Payable To increase Salaries Expense To decrease Equipment To increase Revenue To decrease Accounts Receivable To increase Owner, Drawing To increase Prepaid Insurance To increase Accounts Payable

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Answer to Question 1

FALSE
Explanation: A valuation performed in litigation is exempt from the reporting provisions of professional standards.

Answer to Question 2

C To decrease Cash
C To increase Owner, Capital
D To decrease Accounts Payable
D To increase Salaries Expense
C To decrease Equipment
C To increase Revenue
C To decrease Accounts Receivable
D To increase Owner, Drawing
D To increase Prepaid Insurance
C To increase Accounts Payable