What Is an Intercept

question 18

Multiple Choice

What is an intercept?

• A) The angle of a straight line
• B) The point at which a straight line crosses the Y axis
• C) The "X" part of the equation for a straight line
• D) The "b" part of the equation for a straight line

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Definitions:

Revenue

The aggregate revenue from selling goods or services, which constitute a firm's central business functions.

Expense Accounts

Accounts used to record the consumption of assets or services that result in a decrease in owner's equity, excluding the withdrawal of business assets by the owner.

Income Summary Account

A temporary accounting ledger that aggregates all income and expenses over a period to calculate net profit or loss.

Adjusting Entries

Bookkeeping entries recorded at the conclusion of an accounting cycle to apportion earnings and outlays to the appropriate period.