The Record That Captures the Key Data of a Transaction

question 90

Multiple Choice

The record that captures the key data of a transaction is called:

• A)Turnaround document
• B)Ledger
• C)Journal
• D)Source document

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Definitions:

LIFO Method

"Last In, First Out," an inventory costing method where the last items placed in inventory are the first ones to be used or sold.

Schedule

A schedule is a detailed plan that outlines specific activities or tasks along with their intended start and finish times, designed to achieve an objective.

Gross Profit Method

An inventory estimation technique that calculates inventory value by applying gross profit margins to sales.

Insurance Claim

A request for payment made by an insured individual to their insurance company, seeking compensation for a covered loss or policy event.