If the assets of a business increased $89,000 , during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have ( )
A. Increased $22,000.
B. Decreased $22,000.
C. Increased $89,000.
Decreased $156,000.
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With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.( )
All of the following statements regarding internal control procedures are true except: ( )
A. Internal control procedures are designed to ensure reliable financial reports.
B. Internal control procedures are designed to safeguards company assets.
C. Internal control procedures include methods to achieve compliance with laws and regulation.
D. Internal control procedures are not affected by the cost-benefit principle.
The control principle for accounting information systems requires that the: ( )
A. Benefits from an activity outweigh the costs of the activity.
B. System conforms to a company's activities, personnel, and structure.
C. System must have internal controls.
D. System adapts to changes in the company, business environment, and needs of decision makers.
Revenues are decreases in equity from a company's earning activities. ( )
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