ECONOMICS (CBSE/UGC NET)

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ECONOMICS

MONEY MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
This month Anthony’s take-home pay was $1, 500. He also earned $20 interest on a savings account. He spent $250 for rent, $100 for groceries, and $300 for other expenses. Anthony’s net cash flow this month totaled
A
$850.
B
$870.
C
$1, 500.
D
$1, 520.
Explanation: 

Detailed explanation-1: -The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

Detailed explanation-2: -Therefore, option (c) the statement of cash flows has three major sections-operating, investing, and financing is the correct option.

Detailed explanation-3: -Which of the following transactions requires an adjusting entry for accrued revenue? interest revenue.

Detailed explanation-4: -Personal Assets Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills. Property or land and any structure that is permanently attached to it. Personal property-boats, collectibles, household furnishings, jewelry, vehicles.

There is 1 question to complete.
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