Keith Will Be Graduating from Acadia University This Year

question 13

Multiple Choice

Keith will be graduating from Acadia University this year.He has accumulated $18,000 dollars in student loans during his four years at college.An accountant would classify the loans as:

• A)assets.
• B)liabilities.
• C)owners' equity.
• D)intangibles.

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Definitions:

Recredited Account

Refers to a financial account that has had funds added back, usually following a return or correction of a previous transaction error.

Customer's Death

refers to the event of a customer dying, potentially affecting their ongoing contracts and the legal obligations or rights of the entities they were engaged with.

Deceased Customer

A deceased customer refers to an account holder or client of a bank or financial institution who has passed away, initiating specific legal and operational procedures regarding the handling of the individual's assets and accounts.

Check Payment

A method of payment wherein the payer writes a check to the payee, who then deposits or cashes the check to receive the amount specified.