____ Would Be an Indication of Overspending

question 91

Multiple Choice

____ would be an indication of overspending.

• A)Having little or no savings
• B)Collection agencies calling you
• C)All of your credit cards charged to their limit
• D)Borrowing to pay for incidentals
• E)All of these

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Definitions:

Balance Sheet Credit Column

The section of the balance sheet where liabilities and equity accounts are listed, typically reflecting sources of the company’s funds.

Worksheet

A document or tool used for planning, organizing information, solving problems, and making calculations.

Income Summary

An account used in closing entries to collect the revenue and expenses for a specific accounting period before transferring the net result to capital.

Expenses

Costs incurred in the process of earning revenues, typically categorized as operating or non-operating.