When You See Non-Accounting Terms Used in a Company Data

question 37

Multiple Choice

When you see non-accounting terms used in a company data file,you could -

• A)change company settings and select Use Accounting Terms
• B)close and reopen the data file to see the default accounting terms used
• C)accept the terms - you cannot change them and they do not affect the accounting transactions
• D)change user preference settings and select Use Accounting Terms

Calculate the correct amounts for adjusting entries related to payroll expenses.

Recognize the impact of adjusting entries on the balance sheet and income statement.

Understand the role of generally accepted accounting principles (GAAP) in accounting practices.

Understand various forms of entry into foreign markets and the factors influencing the choice of entry mode.

---

Definitions:

On Account

A transaction where goods or services are provided with an agreement that payment will be made at a later date.

Advertising Expense

The cost incurred in promoting products or services through various media to attract potential customers.

Internet Advertising

Marketing and promotional activities carried out online, using various platforms to reach a target audience.

Journal Entry

A record in accounting that represents a transaction in which values are entered on both the debit and credit sides of a company's ledger.