The Finance Function and the Accounting Function Look at the Sale

question 61

Multiple Choice

The finance function and the accounting function look at the sale of product to a customer on credit in different ways. Which of the following best describes that difference?

• A)Accounting views the sale as a completed transaction to be recorded as revenue while finance views it as incomplete until the cash is received.
• B)Finance views the sale as a completed transaction to be recorded as revenue while accounting views it as incomplete until the cash is received.
• C)Accounting is more interested in the cash inflows and outflows than finance.
• D)Finance is more interested in reporting the appropriate transactions in the proper time period than accounting.

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Definitions:

Vacuum Tube

An electronic device consisting of a sealed glass or metal enclosure containing electrodes used to control electron flow for amplifying, switching, or modifying a signal.

Needle

A slender, sharp instrument typically made of metal, used for injecting substances into the body or withdrawing fluids from it.

Syringe Method

A technique involving a syringe for injecting substances into the body, withdrawing fluids, or applying suction.

Venipuncture

The process of puncturing a vein with a needle to draw blood or administer medication.