Which of the Following Are Valid Formulas

question 7

Multiple Choice

Which of the following are valid formulas?

• A) =3 ^ 4
• B) =H3/H11
• C) =11+9
• D) =22-F15

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Definitions:

Income Summary

An account to which the revenues and expenses are transferred in order to close the books and transfer the net balance to owner’s equity.

Real Account

A permanent account in accounting that tracks the balances of assets, liabilities, and equity, and is not closed at the end of the accounting period.

Cash

Refers to money in the form of coins or banknotes, especially that possessed by a person or business for transactions.

Accounts Payable

Accounts payable is a liability account that records amounts a company owes to suppliers or creditors for goods and services received but not yet paid for.