A company shows a $660 balance in Prepaid Rent in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired rent of $230. This adjusting entry results in:

a. $300 decrease in net income.
b. $300 increase in net income.
c. $300 difference between the debit and credit columns of the Unadjusted Trial Balance.
d. $300 of prepaid insurance.
e. An error in the financial statements.

If you offer up your car as a demonstration that you will pay off your loan to a bank or another financial lending institution, you are using your car as collateral. true false

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers

In microeconomics, the point at which supply and demand meet is called the blank price