To Transfer Funds to and from Credit Card Accounts Using

question 24

Multiple Choice

To transfer funds to and from credit card accounts using the transfer funds journal,choose -

• A)credit card bank as the class for these accounts
• B)the general credit card class
• C)credit card receivable and credit card payable,or bank for these accounts
• D)all of the above account class selections will make the accounts available for transfers

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Definitions:

Overhead Cost

Fixed and variable expenses associated with operating a business that are not directly linked to creating a product or service, such as administrative expenses and maintenance costs.

Activity-Based Costing

A cost accounting approach that assigns costs to products or services based on the activities involved in their production.

Processing Costs

Expenses incurred in the process of turning raw materials into finished products, including labor and overhead.

Equipment Depreciation

The allocation of the cost of tangible assets over its useful life, reflecting wear and tear, obsolescence, or permanent decline in value.