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- Question
Who is responsible to pay back all debts?
Options- A. government
- B. spouse
- C. Both A & B
- D. None of the above
- Correct Answer
- government
- 1. Purchase return and allowances is a contra account
Options- A. TRUE
- B. FALSE Discuss
- 2. 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
- 3. The accounting process is correctly sequenced as
Options- A. Identifying?recording?communicating
- B. Identifying?communicating?recording
- C. Communicating?Recording?Identifying
- D. Recording?Communicating?Identifying Discuss
- 4. 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
- 5. 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
- 6. 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
- 7. 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
- 8. In recording an accounting transaction in a double-entry system
Options- A. there must always be entries made on both sides of the accounting equation.
- B. the amount of the debits must equal the amount of the credits.
- C. there must only be two accounts affected by any transaction.
- D. the number of debit accounts must equal the number of credit accounts. Discuss
- 9. Which of the following is a type of savings vehicle?
Options- A. Checking Account
- B. Certificate of Deposit
- C. Money Market Account
- D. Both B & C Discuss
- 10. Automatic stabilizers refer to
Options- A. government spending and taxes that automatically increase or decrease along with the business cycle.
- B. changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives.
- C. changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
- D. the money supply and interest rates that automatically increase or decrease along with the business cycle. Discuss
Accounting and Finance problems
Search Results
Correct Answer: TRUE
Explanation:
Purchase return and allowances is a contra account to purchases.
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: Identifying?recording?communicating
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 asset account
Correct Answer: If you send in the minimum payment, you will be charged a late fee
Correct Answer: the amount of the debits must equal the amount of the credits.
Correct Answer: Both B & C
Correct Answer: government spending and taxes that automatically increase or decrease along with the business cycle.
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