Accounting Programs Use the General Rules of Accounting for Recording

question 32

Multiple Choice

Accounting programs use the general rules of accounting for recording:

• A) assets, liabilities, equity, sick/vacation days, and benefits.
• B) assets, liabilities, petty cash receipts, revenues, and expenses.
• C) assets, liabilities, equity, revenues, and expenses.
• D) assets, liabilities, salaries, revenues, and expenses.

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Definitions:

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender in case of default.

Corporate Angel

A benefactor, often a company, that provides support or rescue financing to help a struggling business or start-up.

Fortune 500

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years.

Private Placement

The sale of securities directly to a select group of investors and institutions rather than through a public offering.