The Process of Recording Transactions Has Become More Efficient Because

question 144

Multiple Choice

The process of recording transactions has become more efficient because

• A)fewer events can be quantified in financial terms.
• B)computers are used in processing business events.
• C)more people have been hired to record business transactions.
• D)business events are recorded only at the end of the year.

---

Definitions:

Sales Discount

A reduction in the price of a product or service offered to customers to encourage prompt payment.

FOB Shipping Point

A term used in shipping contracts to indicate that the buyer is responsible for the cost and risk of loss or damage once the goods are shipped by the seller.

Perpetual Inventory Method

A system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Accounts Payable-Emma Co.

The amount of money Emma Co. owes to its suppliers or creditors for items or services purchased on credit.