On january 2, year 2, air, inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. air should have recorded this expense in year 1 but did not do so. air's reported income tax expense would have been $70,000 lower in year 1 had it properly accrued this deferred compensation. in its december 31, year 2 financial statements, air should adjust the beginning balance of its retained earnings by a

a. $230,000 credit.
b. $230,000 debit.
c. $300,000 credit.
d. $370,000 debit.

In which of the following situations would the price of a good be most likely to increase? a. a breakthrough in productive technology enables a company to increase its output. b. an increase in production costs results from a rise in wages. c. there's a sudden increase in the number of companies competing to sell the good. d. a drop in demand happens too quickly for producers to decrease production to keep up.

Mark knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the new york stock exchange. knopf wants to know his personal liability if the company provides him with inaccurate or false information. which of the following sources of law will him answer that question? a. the city ordinances where the company headquarters is located. b. the state constitution of the state where the company is incorporated. c. code of federal regulations. d. all of the above

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