On Average, It Takes an Accountant 1 Hour to Complete

question 23

Multiple Choice

On average, it takes an accountant 1 hour to complete a simple tax return and 4 hours to complete a complicated return. If the accountant wants to work no more than 8 hours per day, graph an inequality that shows the possible ways that simple returns ( x ) and complicated returns ( y ) can be completed each day. Graph the inequality for nonnegative values of x and y .

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Definitions:

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset over its useful life to reflect its loss of value.

Liabilities

Financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Payable

An accounting term for the amount of money a company owes to its creditors or suppliers for goods and services purchased on credit.

Debit Side

Refers to the left side of a general ledger account which is used to record increases in asset and expense accounts and decreases in liability, equity, and revenue accounts.