Crude Oil Is ____________

question 24

Multiple Choice

Crude oil is ____________

• A)composed of three different hydrocarbon molecules
• B)formed in a wide range of temperature and pressure circumstances
• C)usable in its raw form
• D)refined to separate the chemicals used for gasoline,lubricants,plastics,and other products
• E)formed less than 100 yards below the surface; in deeper places with more pressure,coal is formed

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Definitions:

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Overstatement

The act of presenting financial statements or data to be more significant than they actually are, often involving higher revenues, assets, or lower expenses than exist in reality.

Note Payable

A financial obligation represented by a written promissory note which the borrower agrees to pay back to the lender.

Interest Expense

The cost incurred by an entity for borrowed funds, typically reported on the income statement as a non-operating expense.