TABLE 7.1 Use the Table to Answer Following Question(s)

question 21

Multiple Choice

TABLE 7.1
Use the table to answer following question(s) .
April 19, 2009, British Pound Option Prices (cents per pound, 62,500 pound contracts) .

-Refer to Table 7.1. What was the closing price of the British pound on April 18, 2009?

• A) $1.448/£
• B) £1.448/$
• C) $14.48/£
• D) none of the above

Recognize the classification of unearned revenue and accumulated depreciation in accounting records.

Understand and apply the principles of adjusting entries for prepaid expenses.

Identify and correct errors related to adjusting entries for accrued expenses and revenues.

Understand the implications of not making adjusting entries on financial statements.

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