The Double-Entry System Requires That Each Transaction Must Be Recorded

question 54

Multiple Choice

The double-entry system requires that each transaction must be recorded

• A) in at least two different accounts.
• B) in two sets of books.
• C) in a journal and in a ledger.
• D) first as a revenue and then as an expense.

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Definitions:

ROI

Return on Investment; a measure used to evaluate the financial performance or potential return from an investment, calculating the ratio between net profit and cost of investment.

Closing Phase

The final stage in a sales process where the salesperson seeks to conclude the transaction, securing the purchase decision from the customer.

Asking For Business

The stage in the sales process where the salesperson directly asks the prospective customer to make a purchase.

Business Proposition

A value statement explaining what benefits a company offers, how it solves customer problems, and why it is unique or better than competitors.