The Methods of an Object Describe Its Characteristics

question 50

True/False

The methods of an object describe its characteristics.

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Definitions:

Payments

Payments refer to the transfer of money from one party to another, often as compensation for goods or services.

Petty Cash Fund

A small amount of cash kept on hand within a business for minor and immediate expenses.

Internal Control

Initiatives and standards implemented by a firm to assure the correctness of financial and accountancy details, encourage integrity, and obstruct fraudulent activities.

Journal Entries

The method by which all business transactions are initially recorded, using a system of debits and credits, to maintain the financial records of an entity.