A Professional Futures Trader Who Buys and Sells Futures for His

question 61

Multiple Choice

A professional futures trader who buys and sells futures for his own account throughout the day but typically closes out his positions at the end of the day is called a

• A)floor broker.
• B)day trader.
• C)position trader.
• D)specialist.
• E)hedger.

Recognize the difference between cash and accrual basis of accounting and their implications on financial statements.

Identify the purpose and timing of revenue recognition in accordance with accrual accounting.

Understand the requirements and justifications for making adjusting entries in the accounting cycle.

Comprehend the effects of adjusting entries on reporting expenses and revenues.

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Definitions:

Energy

The capacity to do work or produce change, present in many forms such as kinetic, thermal, electrical, and chemical.

Muscle Contractions

The process whereby muscle fibers shorten or lengthen to produce movement or apply force against resistance.

Nutrients

Essential substances that organisms need to acquire from their environment to maintain health and support growth.

Oxygen

A chemical element with symbol O, essential for the respiratory processes of most living organisms.