Choose the Word or Phrase in [ ] Which Will

question 164

Multiple Choice

Choose the word or phrase in [ ] which will correctly complete the statement. Select
-Interest rates will be lower on your [savings | checking] accounts.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Asset Account

An account that records the value of an entity's resources, such as cash, equipment, inventory, and property.

Cash

Money in the form of currency that is available for immediate use by a company for transactions, payments, and other financial activities.

T-Account

A visual representation used in accounting to depict the debit and credit sides of individual accounts.

Debit

A debit is an accounting entry that increases an asset or expense account, or decreases a liability or equity account, and is reflected on the left-hand side of an accounting ledger.