Multiply and Divide the Two Fractions $$\frac { 1 } { 5 } \text { and } \frac { 1 } { 15 }$$

question 50

Multiple Choice

Multiply and divide the two fractions. $$\frac { 1 } { 5 } \text { and } \frac { 1 } { 15 }$$

• A) \(\frac { 1 } { 75 } ; 3\)
• B) \(\frac { 1 } { 20 } ; 3\)
• C) \(\frac { 1 } { 20 } ; \frac { 1 } { 3 }\)
• D) \(\frac { 1 } { 15 } ; 3\)
• E) \(\frac { 1 } { 75 } ; \frac { 1 } { 3 }\)

Apply knowledge of accounting principles to prepare adjusting entries for accrued and deferred amounts.

Understand the concept of unearned revenue and its treatment in financial statements.

Recognize the significance of post-closing trial balance in ensuring the accuracy of accounts after closing entries.

Understand the process for preparing adjusting entries in accounting.

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Definitions:

Accounts Receivable

Money due to a company from its clients for products or services that have been delivered or used but not yet paid for.