The Linens Department of a Large Department Store Is

question 4

Multiple Choice

The linens department of a large department store is

• A) not a responsibility center.
• B) a profit center.
• C) a cost center.
• D) an investment center.

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Definitions:

Paid Voucher File

Holds paid vouchers filed either in sequential order by voucher number or alphabetically by creditor’s name.

Vouchers Payable

An accounting term for records of payable amounts for goods or services received, pending payment to suppliers.

Balance Sheet

A financial statement that presents the financial position of a company at a specific point in time, showing assets, liabilities, and shareholders' equity.

Accounts Payable

Liabilities representing the amount a company owes to suppliers for goods and services purchased on credit.