Glaus Corp

question 6

Multiple Choice

Glaus Corp.signed a three-month, zero-interest-bearing $152,205 note on November 1, 2010 for the purchase of $150,000 of inventory.The adjusting entry made at December 31, 2010 will include a

• A)debit to Note Payable for $735.
• B)debit to Interest Expense for $1,470.
• C)credit to Note Payable for $735.
• D)credit to Interest Expense for $1,470.

Recognize the importance and role of input devices and source documents in accounting systems.

Identify the use and purpose of various journals and ledgers in accounting systems.

Grasp the significance of internal controls and their components in safeguarding company assets and ensuring reliable financial reporting.

Understand the need for flexibility and adaptability in accounting information systems for effective decision making.

---

Definitions:

Communicable Disease

An infectious disease that can be transmitted from person to person or through vectors.

Infectious Disease

Diseases caused by pathogens such as bacteria, viruses, fungi or parasites, and can spread directly or indirectly from one person to another.

Diseases Of Abundance

Health conditions primarily associated with overnutrition and a lack of physical activity, common in developed countries.

Developing World

Countries with lower levels of socioeconomic development, often characterized by lower industrialization and quality of life.