Choose the Word or Phrase in [ ] Which Will

question 154

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Most bank credit cards have interest rates that will [remain the same as long as you hold the card | be adjusted as interest rates in general rise and fall].

---

Definitions:

Accounting Estimates

Assumptions made about future financial transactions that impact the reporting of a company's financial statements, such as allowances for doubtful accounts.

Cumulative Adjustment

An accounting method used to make corrections to cumulative errors in financial statements of previous years.

Prior Period Adjustments

Corrections of errors in previously issued financial statements for periods that have already been reported.

Retained Earnings

The portion of a company's net income that is kept within the company rather than distributed to shareholders as dividends.