Marina Filimena is an accountant at Jasmina Hair Products. Marina received the following error message while making an adjusting entry to the general ledger: "Your journal entry must be a numeric value. Please reenter." This is an example of a
A) validity check.
B) field check.
C) zero-balance check.
D) completeness test.
Answer: B
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Andrew's restaurant was experiencing financial problems. His sales were down and he needed help. Andrew requires $20,000 to cover outstanding accounts within three days or face closing the restaurant
His bank refused to increase his line of credit so Andrew went to his accountant for suggestions. The accountant told him he could lend Andrew $20,000 but only if Andrew signed over a 50% interest in the business. In desperation, Andrew agreed. If Andrew wants to have the agreement set aside, which of the following would he rely on? A) Duress. B) Mistake C) Misrepresentation D) Non est factum E) Restitution
You won the state lottery and took the payout as a $1,283,475 lump sum today. Your spouse has decided that you need to invest this money for the next 10 years and can expect it to earn an average annual rate of return of 7.18%
If this comes to pass, how much money will be in the account at the end of the period? A) $8,471,253 B) $2,567,586 C) $1,920,388 D) $1,890,471