Author Question: The purpose of security controls is to ensure that entity resources are protected from loss, ... (Read 76 times)

Capo

  • Hero Member
  • *****
  • Posts: 545
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

  • Sr. Member
  • ****
  • Posts: 343
Answer to Question 1

T

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

For a complete list of videos, visit our video library