Legal Tender Is Best Defined As

question 21

Multiple Choice

Legal tender is best defined as:

• A)Cash payment.
• B)Currency that cannot be legally refused in payment of a debt.
• C)Cash, cheques, credit cards or electronic funds transfer payments.
• D)Currency.

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Definitions:

Sales Tax

A tax levied on sales of goods and services, typically calculated as a percentage of the sale price.

Inventory Shrinkage

The loss of inventory that can occur from theft, damage, or administrative errors.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Single-Step Income Statement

A simplified income statement that calculates net income by subtracting expenses from revenues in one step.