When a Cell Is Part of an Active Formula,it Is

question 78

Multiple Choice

When a cell is part of an active formula,it is surrounded with ________.

• A)a colored border with small boxes on each side
• B)a colored background with small circles on each corner
• C)a bold,black border with small circles on each side
• D)a white border with small boxes on each corner

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Definitions:

Journal Entry

A record in the books of accounts that represents each transaction with debits and credits recorded to maintain the accounting equation.

Lower of Cost or Market

An accounting principle requiring inventory to be recorded at either its historical cost or its current market value, whichever is lower.

Inventory Valuation

The method used by businesses to assess their inventory's worth at the end of an accounting period, affecting financial statements and tax obligations.

Conservatism

An accounting principle that guides accountants to choose methods and assumptions that are least likely to overstate assets and income.