In the Past You Have Purchased Cars That You Have

question 71

Multiple Choice

In the past you have purchased cars that you have driven for over 10 years or more.The mileage on these vehicles usually exceeded 100,000 and therefore you just give them to one of your teenage nieces/nephews or your grandchildren.Based on this history,your primary financial selection criteria will be

• A)resale value.
• B)financing rate.
• C)repair expense.
• D)personal preference.

Apply the rules for revenue and expense recognition under the accrual basis.

Distinguish between permanent and temporary accounts and their roles in the accounting cycle.

Describe the impact of specific transactions on financial statements.

Explain the utility and types of accounting software in financial management.

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Definitions:

Superordinate Goals

Objectives shared and valued by multiple groups, which can help to reduce conflict by aligning interests and encouraging cooperation.

Hutu Militia

Ethnic-based groups in Rwanda, notable for their leading role in the 1994 genocide against the Tutsi population.

Superordinate Goals

Common objectives that surpass personal disagreements and necessitate collaboration among individuals.

River Flooding

Natural overflowing of a river due to excessive rain or melting snow, often leading to inundation of areas that are normally dry.