Case 3-2 Application Software (Apps) Includes All the Programs That Allow You

question 16

Multiple Choice

Case 3-2
Application software (apps) includes all the programs that allow you to perform specific tasks or applications on a computer. Individuals and businesses use software to write letters, keep track of finances, participate in videoconferences, watch videos, make business presentations, process orders, access Web-based resources, and many other tasks. In the following questions, identify the tasks of different application software.
Drake is an entrepreneur and his business has a growing client base as well as a growing inventory. He needs to keep track of a good deal of information and be able to search for information quickly. Which of the following software should Drake use?

• A)Database software
• B)Mastersheet software
• C)Presentation software
• D)Note taking software

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Definitions:

Outstanding Receivables

The total amount of money owed to a company by its customers for goods or services delivered but not yet paid for.

Allowance for Doubtful Accounts

A reserve for accounts receivable that may not be collectable, reducing the book value of accounts receivable to a more realistic value.

Cash Loan

A financial agreement where a borrower receives a specific amount of cash from a lender and commits to repaying it over time, along with interest.

End-of-Period Adjusting Entry

Journal entries made at the end of an accounting period to update the accounts and ensure revenues and expenses are recorded in the appropriate period.