A Three Column Form of Account Is So Named Because

question 194

Multiple Choice

A three column form of account is so named because it has columns for

• A) debit credit and account name.
• B) debit credit and reference.
• C) debit credit and balance.
• D) debit credit and date.

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Definitions:

Partial Billings

Invoicing method where a customer is billed incrementally for partially completed work, often used in long-term projects.

Completed-Contract Method

An accounting technique where revenue and expenses of a long-term contract are recorded only when the project is completed.

Construction In Progress

An accounting term for the financial balance of construction costs attributed to assets under construction that have not yet been completed.

Realization

The process of converting non-cash assets into cash or recognizing revenue when goods or services are delivered, generating measurable income.