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If Health Spas Charges an Annual Membership Fee of $1,000

question 43

Multiple Choice

If Health Spas charges an annual membership fee of $1,000 for the use of their facilities and charges a $20 fee each time a member uses their facilities, the $1,000 charge is a(n) ______fee and the $20 charge is a(n) fee.


Definitions:

Accounts Receivable

Financial obligations of clients or customers to a company for received goods or services that have yet to be settled.

Fixed Assets

Fixed assets are long-term tangible assets that a company owns and uses in its operations to generate income, such as buildings, machinery, and equipment.

QBO COA

QuickBooks Online Chart of Accounts is a list categorizing the financial transactions recorded in a company's accounting system.

Tax Return Preparation

The process of organizing and filing income and other taxes with the appropriate government agency.

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