Transferring Money Without Paper Checks Is Called Electronic Funds Transfer

question 79

True/False

Transferring money without paper checks is called electronic funds transfer.

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Definitions:

Declining-Balance

A method of accelerated asset depreciation where the depreciation expense decreases over time.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the asset's wear and tear or obsolescence.

Depreciation Produces

An accounting process that allocates the cost of a tangible asset over its useful life, thus producing a systematic reduction in value to reflect wear and tear or obsolescence.

Decreasing Expense

Expenses that diminish over time, typically due to cost-cutting measures, operational efficiencies, or depreciation methods.