Interest Computation Quiz
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Questions and Answers

What is accounting often referred to as?

  • The language of business (correct)
  • The heart of finance
  • The foundation of economics
  • The backbone of business
  • Which of the following is not a part of the accounting process?

  • Summarizing transactions
  • Designing engineering systems (correct)
  • Identifying economic activities
  • Classifying data
  • What does an engineer need to do in relation to accounting when preparing economy studies?

  • Prepare cost estimates
  • Select designs and procedures
  • Provide technical support
  • Reconcile with the book of accounts (correct)
  • Which concept in engineering economy requires consideration of the time value of money?

    <p>Compound interest</p> Signup and view all the answers

    What does the time value of money concept focus on?

    <p>Effects of time on the earning power of money</p> Signup and view all the answers

    Which activity is NOT part of the accounting practice mentioned in relation to engineering projects?

    <p>Design selection for projects</p> Signup and view all the answers

    What must an engineer be familiar with when reconciling with the book of accounts according to the text?

    <p>Assets, liabilities, expenses, and income</p> Signup and view all the answers

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