Match the Term with the Best Descriptor

question 53

Multiple Choice

Match the term with the best descriptor.
-accounting procedures, precautions, and forms established to prevent and minimize errors and fraud

• A)bookkeeping
• B)bookkeeper
• C)managerial accounting
• D)journal
• E)account
• F)general ledger
• G)audits
• H)internal controls

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Definitions:

Consumer Transactions

Purchases by individuals of goods or services for personal use and not for resale or for business purposes.

Implied Terms

Provisions not expressly stated in a contract but assumed to exist based on the nature of the agreement and the parties' intentions.

Contractual Claim

A contractual claim arises when one party alleges that another has failed to fulfill their obligations under a contract.

Retail Sale

The selling of goods or services from businesses directly to consumers.