To Set Up the Accounts for Recording Bank Deposit Transactions

question 14

Multiple Choice

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required -

• A)create a separate account for the undeposited receipts
• B)set up the bank account receiving the deposits for account reconciliation
• C)choose the undeposited receipts account as the account for receipts and cash sales
• D)assign the bank or cash class to the undeposited receipts account

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Definitions:

Reverend Thomas Malthus

An 18th-century economist known for his theory on population growth, suggesting that population increases geometrically, whereas food supply increases arithmetically, leading to inevitable shortages.

Population Growth

The increase in the number of individuals in a population, commonly expressed as an annual percentage.

Dismal Science

A nickname for economics, stemming from its predictions and analyses that often focus on the limitations and constraints of economic activities.

Average Workweek

The standard number of hours worked in a week by employees in a particular sector, industry, or economy.