The Double-Entry Accounting System Is the Basis of Accounting Systems

question 74

Multiple Choice

The double-entry accounting system is the basis of accounting systems

• A)worldwide.
• B)worldwide, except for the U.S.
• C)in the U.S.only
• D)neither internationally nor in the U.S.

---

Definitions:

Merchandise Inventories

Goods or products that a company holds for the purpose of sale to customers in the ordinary course of business.

Sales Budget

A detailed plan that estimates future sales, usually expressed in both units and dollars, for a specific period.

Raw Material Purchases

The acquisition of the basic materials and components required for the production of goods.

Budgeted Sales

Projected sales revenue a company plans to achieve in a future period, often used for planning and performance evaluation.