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- Question
The accounting process is correctly sequenced as
Options- A. Identifying?recording?communicating
- B. Identifying?communicating?recording
- C. Communicating?Recording?Identifying
- D. Recording?Communicating?Identifying
- Correct Answer
- Identifying?recording?communicating
- 1. Which of the following best describes Accounting?
Options- A. is an information system that provides reports to its stakeholders regarding economic activities and the condition of the business
- B. is used only for filling out tax returns and for financial statements for various types of governmental reporting requirements
- C. records economic data but does not communicate the data to users according to any specific rules
- D. is of no use by individuals outside of the business Discuss
- 2. An increase in the price of product A will
Options- A. reduce the demand for resources used in the production of A.
- B. reduce the demand for substitute product B
- C. increase the demand for complementary product C.
- D. increase the demand for substitute product B. Discuss
- 3. The interest-rate effect suggests that
Options- A. an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending.
- B. a decrease in the supply of money will increase interest rates and reduce interest-sensitive consumption and investment spending
- C. an increase in the price level will decrease the demand for money, reduce interest rates, and increase consumption and investment spending.
- D. an increase in the price level will increase the demand for money, reduce interest rates, and decrease consumption and investment spending. Discuss
- 4. Most financial investments are examples of what type of risk?
Options- A. Credit risk
- B. Longevity risk
- C. Human risk
- D. Inflation risk Discuss
- 5. The credit balance in the bank account is
Options- A. amount liable to pay by bank
- B. amount liable to pay by customer
- C. Both A + B
- D. None of the above Discuss
- 6. Which of the following can increase your credit card?s APR?
Options- A. making credit card payments
- B. missing credit card payments
- C. not using credit card for long time
- D. All of the above Discuss
- 7. Purchase return and allowances is a contra account
Options- A. TRUE
- B. FALSE Discuss
- 8. Who is responsible to pay back all debts?
Options- A. government
- B. spouse
- C. Both A & B
- D. None of the above Discuss
- 9. A capital expenditure results in a debit to
Options- A. an asset account
- B. a liability account
- C. an expense account
- D. a capital account Discuss
- 10. Which of the following statements about minimum payments is incorrect?
Options- A. If you send in the minimum payment, you will be charged a late fee
- B. Paying the minimum means you are only paying off a portion of your total debt
- C. You will still pay interest on your balance if you submit the minimum payment
- D. Minimum payments are typically only 2-4% of your total debt Discuss
Accounting and Finance problems
Search Results
Correct Answer: is an information system that provides reports to its stakeholders regarding economic activities and the condition of the business
Correct Answer: increase the demand for substitute product B.
Explanation:
If the price of a product rises, the demand for the substitute product increases.
Correct Answer: an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending.
Correct Answer: Human risk
Explanation:
Most financial investments are examples of Human risk type of risks. Since, we humans invest in any kind of financial investments on our own risk expecting profits.
Correct Answer: amount liable to pay by bank
Explanation:
Bank credit balance meant that the banker is laible to paid us.
And if we have a credit balance accouding to bank statement is mean we have " cash at bank" and in our book we show in the assets side but bank show laiblities side.
Hence, The credit balance in the bank account is the amiunt we have in our account and we are eligible to withdraw that.
Correct Answer: missing credit card payments
Explanation:
APR means Annual Percentage Rate. Creditcards apr can be increased when you missed credit card payments.
Correct Answer: TRUE
Explanation:
Purchase return and allowances is a contra account to purchases.
Correct Answer: government
Correct Answer: an asset account
Correct Answer: If you send in the minimum payment, you will be charged a late fee
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