Performing a Wrong and Illegal Act Is Considered

question 7

Multiple Choice

Performing a wrong and illegal act is considered

• A)misfeasance.
• B)nonfeasance.
• C)malfeasance.
• D)feasance.

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Definitions:

Bank Discounts

An interest deduction from the face value of a note, payable by the borrower at the time a loan is issued.

Reversing Entry

An accounting method used to reverse the impact of certain journal entries made in the previous accounting period for the sake of simplicity in future record keeping.

Interest Accrued

The accumulated interest on a loan or bond that has not yet been paid to the lender.

Proceeds of a Note

The total amount of money generated or to be paid out from a promissory note or financial instrument.