Carry Out the Following Calculation and Report Your Answer to the Correct

question 35

Multiple Choice

Carry out the following calculation and report your answer to the correct number of sig figs:

• A) 2.1
• B) 2.09
• C) 2.092
• D) 2.0921
• E) 2.09214

Understand the implications of bankruptcy for conditional sale agreements and the rights of bona fide purchasers.

Discuss the finance method of assignment of book debts and the concept of crystallization.

Compare and contrast the uses, similarities, and differences between conditional sales agreements and chattel mortgages.

Identify the characteristics that distinguish services from tangible goods.

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Definitions:

Debit

An accounting entry that either increases an asset or expense account, or decreases a liability or equity account.

Credit

An accounting entry that increases liabilities and equity or decreases assets, reflecting a transaction such as the sale of goods on account.

Balance

The amount of money in a financial account, or the difference between the total debits and credits recorded in an account.

Reference Column

A column in financial documents or reports that is used to cross-reference or provide additional information related to a specific entry.