Which statement is false?

a. Most companies typically do not have to prepare the adjusting journal entries.
b. Periodically, certain adjustments that are not daily business activities must be made to the accounts to update the balances.
c. The adjusted balances are used to prepare the financial statements. These adjusting journal entries must always be made on the date the financial statements are prepared, but they can be recorded more often.
d. The adjustments, called adjusting journal entries, are always recorded in the general journal. They are then posted to the general ledger to update the balances in the accounts.

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

How does your household gain from specialization and comparative advantage? (what is produced, what is not produced yet paid to a specialist to produce? )

Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.