Which One of the Following Statements Is NOT True

question 96

Multiple Choice

Which one of the following statements is NOT true?

• A) The Truth-in-Lending Act was passed by Congress to ensure that the true cost of credit was disclosed to consumers.
• B) The Truth-in-Savings Act was passed to provide consumers an accurate estimate of the return they would earn on an investment.
• C) The above two pieces of legislation require by law that the APR be disclosed on all consumer loans and savings plans.
• D) All of the above are true statements.

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Definitions:

Salaries and Wages Expense

Salaries and wages expense refers to the total amount paid by a business for employee services during a specific period, including salaries, hourly wages, and bonuses.

Worksheet Column

A vertical section of a worksheet used in accounting and finance to organize data, calculations, or financial information systematically.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use.

Unearned Service Revenue

Income received by a company for services that have not yet been performed or delivered.