At December 31, 2014, Assets Total

question 240

Multiple Choice

At December 31, 2014, assets total

• A) £108,000.
• B) £140,000.
• C) £162,000.
• D) £194,000.

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Definitions:

Write-Offs

The deduction of an amount due (as an uncollectable debt) from an entity's revenue, thereby decreasing its income.

Insurance

A financial product that provides protection against financial losses, ensuring compensation for specified loss, damage, illness, or death in return for payment of a premium.

Accounts Payable

Liabilities of a company or organization due to purchases of goods and services to be paid to creditors or suppliers.

Adjustments

Adjustments are changes or modifications made to improve or correct something, often used in contexts ranging from accounting to spinal manipulation.