Account Names in the Chart of Accounts Are

question 96

Multiple Choice

Account names in the chart of accounts are:

• A) general purpose and do not indicate the nature of the account.
• B) not consistent in their use throughout the records.
• C) linked to account numbers.
• D) the names mandated for use by the FASB.

Comprehend how scarcity and unlimited wants lead to economizing choices.

Understand the impact of technology on an economy’s production capabilities.

Explain the rationale behind allocating resources between military and civilian goods in terms of production possibilities.

Understand the basic functions and processes involved in payroll activities.

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Definitions:

Merchandisers

Companies or individuals involved in the business of retailing or wholesaling goods.

Wholesalers

Merchants who buy goods from suppliers and manufacturers for sale to retailers.

Retailers

Merchants who buy goods from wholesalers for resale to customers.

Credit Terms

Conditions under which credit is extended by a seller to a buyer, detailing the repayment period, interest rate, and penalties for late payment.