Multiple Choice
Which of the following finance careers typically requires the highest level of formal education?
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1. Introduction to Accounting
Types of Accounting
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Which term refers to the act of reducing spending in order to save money?
A
Cost-cutting
B
Amortization
C
Depreciation
D
Accrual
Verified step by step guidance1
Understand the definitions of the terms provided in the options to identify the correct answer.
Cost-cutting refers to the act of reducing expenses or spending in order to save money. This is often done by businesses to improve profitability.
Amortization is the process of gradually paying off a debt or allocating the cost of an intangible asset over its useful life.
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life, reflecting the wear and tear or obsolescence of the asset.
Accrual refers to the accounting method where revenues and expenses are recorded when they are incurred, regardless of when cash is exchanged. Based on these definitions, identify the term that matches the act of reducing spending to save money.
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