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Question 1. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. Who is the maker of the note?

Murray Company

Decker Company

the bank

New Holland Tractor Company

Question 2. Hancock Electric Company uses an accounting information system that allows the administrator to limit an employeeâ€TMs access within the system based on the employeeâ€TMs job requirements. For example, the accounts payable clerk may have access to enter invoices into the system but may not be able to print checks and reconcile the bank statement. By granting access to only the information that the employee must have to fulfill his duties, the administrator can facilitate segregation of duties. What element of an effective accounting information system does Hancock Electric Companyâ€TMs system possess?

flexibility

control

compatibility

a good cost/benefit relationship

Question 3. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. What is the principal amount of the note?

$2,700

$27,300

$32,700

$30,000

Question 4. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. What is the maturity value of the note?

$2,700

$27,300

$32,700

$30,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92570137

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