A Common Use of Managerial Contingency Funds Would Be For

question 107

Multiple Choice

A common use of managerial contingency funds would be for:

• A)office supplies.
• B)management consulting fees.
• C)a sudden increase in the price of unleaded gasoline.
• D)an "act of God."

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Definitions:

Ledger Accounts

Records that summarize transactions related to a specific asset, liability, equity, revenue, or expense, forming the backbone of the double-entry bookkeeping system.

Journal Entries

Records of the financial transactions of a business that are entered into its accounting system.

Posting

The process of recording financial transactions in the ledger of a business.

Chart of Accounts

A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and reporting financial data.