One of the Following Statements Is True About the Sample

question 10

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:

Commercial Farming

The practice of farming with the intent to produce crops and livestock for sale in the market, often involving large-scale operations.

Knights Of Labor

A significant labor organization in the late 19th century in the United States that aimed to promote workers' rights and social reforms.

Sherman Anti-Trust Act

A landmark federal statute passed in 1890 aimed at promoting economic competition by prohibiting monopolies, trusts, and other practices that restricted commerce.