Mary Telephones Her Employee, Joe, to Let Him Know That

question 14

Multiple Choice

Mary telephones her employee, Joe, to let him know that today's meeting has been moved to one o'clock.
-The telephone is the ________.

• A) sender
• B) receiver
• C) medium
• D) message
• E) decoder

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Long-term Note Payable

A debt obligation that is due for repayment beyond one year's time, representing a form of long-term financing.

Prepaid Expense

Expenses paid in advance for goods or services to be received in the future, considered as an asset on the balance sheet until fully consumed or used.

Balance Sheet

A financial overview presenting a business's total assets, current liabilities, and the equity portion of its shareholders on a designated day.