Rapula Lost His Mother a Year Ago and Has Lived

question 201

Multiple Choice

Rapula lost his mother a year ago and has lived with his grandmother and father since then. He loves them and is loved by them, but has a hard time imagining where his mother is, because he doesn't understand the concept of death. Rapula is likely __________ years old.

• A) one and a half
• B) five
• C) 12
• D) 18

---

Definitions:

Adjusting Entry

A record entered at the conclusion of an accounting cycle to assign revenues and expenses to the appropriate period.

Discounted Note

A promissory note, or loan agreement, where the interest is deducted from the principal amount at the time the loan is issued.

Interest

The cost of borrowing money or the earnings from lending money, calculated as a percentage of the principal amount.

Adjustment Interest

Adjustment Interest involves the modification of interest income or expense to correct or update the recorded interest in financial records.