An arrangement in which a bank agrees to lend up to a specified maximum amount of funds during a designated period is called:
A. a line of credit.
B. commercial paper.
C. trade credit.
D. a promissory note.
E. a factoring arrangement.
Answer: A
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Data cleansing involves all of the following except
a. filtering out or repairing invalid data b. summarizing data for ease of extraction c. transforming data into standard business terms d. formatting data from legacy systems
The quality of a company's earnings may be affected by the
a. industry in which the company operates. b. choice of independent auditors. c. accounting methods the company uses. d. countries in which the company operates.
Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of its related asset.
Answer the following statement true (T) or false (F)
Collins Inc applies overhead using direct labor hours. The following data are available for the year: Estimated direct labor hours 1,050,000 Actual direct labor hours 1,000,000 Overhead applied $5,000,000 Actual overhead $4,850,000 What predetermined overhead rate did Collins use?