A Barge Loaded with Lumber and Iron Ore Floats in a Lock

question 40

Multiple Choice

A barge loaded with lumber and iron ore floats in a lock by a dam (a closed pool of water like a big swimming pool) .If some of the cargo is thrown overboard,the level of water in the lock will

• A)rise.
• B)drop.
• C)stay the same.
• D)rise,provided it is lumber that is thrown overboard.
• E)rise,provided it is iron ore that is thrown overboard.

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Definitions:

Transactions

Financial events that affect an entity's financial statements, involving transfers or exchanges of value between parties.

Undeposited Funds

An account used in accounting to hold funds that have been received but not yet deposited into a bank account.

Customer Payments

The transactions where a customer pays the company for goods or services provided.

Asset Account

An account on a balance sheet representing resources owned by a company with future economic value.