MATCHING Match the Person or Term with the with the Correct

question 97

Multiple Choice

MATCHING
Match the person or term with the with the correct description.
-Adam Smith

• A)claimed Brazil for Portugal in 1500
• B)founded Quebec
• C)Italian who sailed for Spain in 1492
• D)Dominican priest who preached against Spanish abuses of Indians
• E)British economist who wrote The Wealth of Nations
• F)Spanish conquistador who conquered the Aztecs
• G)sailed around southern Africa and into the Indian Ocean
• H)America was named for him
• I)first European to discover Newfoundland in 1497
• J)explored Florida
• K)led seven large naval expeditions in early 1400s
• L)developed a movable-type printing press

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Definitions:

Straight-Line Method

A depreciation technique that allocates an equal portion of an asset's cost to each period of its useful life.

Interest Expense

The cost incurred by an entity for borrowed funds, represented as a charge against earnings in the income statement.

Interest Payable

The amount of interest that has been incurred on borrowed funds that a company must pay, typically represented as a current liability on the balance sheet.

Effective Interest Method

An accounting technique used to allocate the interest expense of a bond evenly over its life, based on the bond's carrying value.