Which of the Following Is True About Interest Inventories

question 52

Multiple Choice

Which of the following is true about interest inventories?

• A) They are based on an individual's abilities.
• B) They are helpful in assessing one's intellect in order to make conclusions about career choice.
• C) They need little if any assistance to interpret.
• D) They are fairly good at predicting job satisfaction based on occupational fit.

Understand how to categorize accounts correctly.

Identify the normal balances (debit or credit) for various accounts.

Understand which financial statements different accounts appear on.

Grasp the concept of the expanded accounting equation and its impact on Owner's Equity.

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including the balance sheet, income statement, and cash flow statement.

Chart of Accounts

A systematic listing of all accounts used in the accounting system of a company, categorizing all financial transactions.

Net Income

Represents the total earnings of a company after all expenses and taxes have been deducted from revenue.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.