INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 108

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-There are now about [$1billion | $1 trillion] in student loans outstanding.

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

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Definitions:

Comprehensive Income

The total change in equity for a reporting period other than from transactions with owners, including all revenues, gains, expenses, and losses.

Equity

The value of an owner's interest in a property or business, determined by subtracting liabilities from assets.

Trading Securities

Marketable securities held by a firm with the intent of short-term trading for profit, which are classified as current assets on the balance sheet.

Accounting Principles

The foundational concepts and guidelines that govern the field of accounting, such as revenue recognition, matching principle, and full disclosure.