What Is Not a Necessary Piece of Data Needed for the Pmt

question 60

Multiple Choice

What is not a necessary piece of data needed for the Pmt function?

• A)Interest rate
• B)Amount already paid on the loan
• C)Amount of the loan
• D)Number of periods required to pay off the loan

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Definitions:

Journal Entry

A record in accounting that represents a transaction and its effects on various accounts, typically involving at least one debit and one credit.

Cash Short and Over

An account that tracks discrepancies between the expected cash amounts and the actual cash counted, indicating shortages or overages.

Bank Account Reconciling

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they are in agreement and accurate.

Adjusted Balance

The result of adjusting the balance of an account to reflect any debits or credits that have been posted to the account.