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 (C)</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 (C)</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 (A)</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 (D)</p> Signup and view all the answers

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