To Enter a Date for an Accounting Transaction, You Must

question 24

Multiple Choice

To enter a date for an accounting transaction, you must -

• A) choose a date from the pop-up calendar
• B) type the date in text style
• C) enter the month, day and year as two-digit numbers separated by a space
• D) you may use any of the above to enter the date

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Definitions:

Indirect Method

An accounting technique used to prepare the cash flow statement, adjusting net income for changes in non-cash working capital and non-operational gains and losses.

Direct Method

A method of allocating service department costs directly to production departments without considering inter-service department flows.

Accounts Receivable

Funds that clients or customers owe to a company for products or services provided but for which payment has not yet been received.

Accounts Payable

Money owed by a company to its suppliers or vendors for goods and services received, representing a liability on the balance sheet.