Choose the Word or Phrase in [ ] Which Will

question 146

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-A proper use of open account credit would be to buy a [food | washing machine].

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Definitions:

Accounting Definition

Refers to the systematic process of recording, measuring, and communicating information about financial transactions.

Financial Resources

Assets in the form of cash, credit, or other financial assets that are available to an individual or organization for use.

Total Economic Cost

The sum of explicit and implicit costs associated with a business activity or decision, considering both direct financial outlays and opportunity costs.