One of the Following Statements Is True About the Sample

question 9

Multiple Choice

One of the following statements is true about the sample from a Balance Sheet shown here -
$$\begin{array} { l c r } \text { Bank A } & 100 & \\\text { Bank B } & \underline { 200 } & \\\text { Cash: Net } & & 300 \\\text { Accounts Rec } & 400 & \\\text { Advances Rec } & \underline { 500 } & \\\text { Receivables: Net } & & 900 \\\text { Prepaid Expenses } && \underline { 300 } \\\text { TOTAL CURRENT ASSETS } && 1500\end{array}$$

• A) that Bank A and Bank B are group accounts
• B) that Accounts Rec and Advances Rec are subgroup accounts
• C) that Cash: Net and Receivables: Net are total accounts
• D) that Prepaid Expenses is a group total account

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Definitions:

Negotiations

The process of discussing something with the intention of reaching an agreement.

Record-keeping Service

A system or service that maintains important records or documents, often for compliance, historical, or operational reasons.

Employment

The condition of having paid work or being engaged in a professional activity for remuneration.

Equal Employment Opportunity

Policies and regulations that ensure all individuals have an equal chance for employment, without discrimination.