Assume a Rule That Is One of Several Methods Used

question 137

Multiple Choice

Assume a rule that is one of several methods used to determine the lumber yield of a log (in board-feet) in terms of its diameter d (in inches) and its length L (in feet) . The number of board-feet is . Find the number of board-feet of lumber in a log 46 inches in diameter and 20 feet in length.

• A) 9,680 board-feet
• B) 2,205 board-feet
• C) 440 board-feet
• D) 8,820 board-feet
• E) 35,280 board-feet

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Definitions:

Permanent Account

A permanent account is an account that is not closed at the end of the accounting period and carries its balance over into the next period, such as assets, liabilities, and equity accounts.

Closing Entries

Entries recorded at the close of an accounting period for the purpose of moving balances from temporary to permanent accounts.

Capital Account

An account showing the net worth of a business at a specific point in time, including assets contributed by owners and profits.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and equity at a specific point in time.