When a Deposit Is Completed It Should Also Be Recorded

question 109

True/False

When a deposit is completed it should also be recorded on the current cheque stub.

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Definitions:

Completed-Contract Method

An accounting method where revenue and expenses are recorded only when a contract is completed, used primarily for long-term projects.

Percentage-Of-Completion Method

An accounting technique that recognizes revenue and expenses related to long-term projects as a percentage of the work completed during the period.

Cumulative Pretax Income

The total pre-tax income earned by a company over a specified period, before any taxes are deducted.

Useful Life

The period over which an asset is expected to be usable by an entity, affecting its depreciation or amortization schedules.