When Did the First Online Communities Form

question 32

Multiple Choice

When did the first online communities form?

• A) the 1970s
• B) the 1980s
• C) the 1990s
• D) the 2000s

Describe the process and accounting treatment for change funds and their differences from petty cash.

Understand how to establish and adjust a petty cash fund.

Learn how to reconcile the petty cash fund by accounting for cash shortages and overages.

Ability to prepare journal entries for petty cash transactions including fund establishment, replenishment, and adjustment.

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Definitions:

Sale

The transaction between a buyer and a seller in which the ownership of goods is transferred in exchange for payment.

Common Law

Law that is derived from judicial decisions and customary practices rather than statutes, prevalent in countries with a history of British colonial rule.

Express Warranties

Explicit guarantees provided by a seller regarding the condition, functionality, or performance of a product.

Non-material Term

Aspects of a contract or agreement that do not constitute its essential substance, often concerning minor or secondary details.