In Chapter 3, When a Check Is Issued, the Account

question 4

Multiple Choice

In Chapter 3, when a check is issued, the account distribution is a:

• A)Debit Checking;credit an asset account.
• B)Debit expense account;credit vendor.
• C)Debit Accounts Receivable/Customer;credit Sales.
• D)Debit expense account;credit Checking.
• E)None of these.

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Definitions:

Estimable

Capable of being estimated or approximated in magnitude or extent.

Remote

Refers to working from a location outside of the traditional office environment, often implying work done from home or another location through the internet.

Contingent Liability

A possible financial duty that could emerge in the future, contingent on the result of a certain event.

Probable

A term used in accounting and finance to describe events or outcomes that are likely to happen or transactions that are likely to occur.