A Source Document Is a Record Used to Accumulate Amounts

question 41

True/False

A source document is a record used to accumulate amounts for each individual asset,liability,revenue,expense,and component of stockholders' equity.

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Definitions:

Commission Merchant

A person who performs services of buying and/or selling for a commission.

Delivery Charges

Fees applied for transporting items from the seller or warehouse to the buyer's location; synonymous with freight charge but rephrased.

Net Proceeds

The amount received by the seller after all costs and expenses have been deducted from the gross proceeds of a sale.

Office Equipment

Items used by a company to facilitate its operations and administrative tasks, such as computers, printers, and desks.