Critical Thinking Questions (Multiple Choice) You Have Taken Up a New

question 54

Multiple Choice

Critical Thinking questions (Multiple Choice) You have taken up a new hobby. It entails you posting a personal journal on the Web. In your new hobby, you are ____.

• A) instant messaging
• B) broadcasting
• C) creating a blog
• D) P2P file sharing

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Definitions:

Vouchers Payable

Short-term obligations or liabilities that represent amounts owed to suppliers or creditors, which are supported by documentary evidence of the transaction.

Accounts Payable

Liabilities or amounts owed to creditors for goods and services that have been received but not yet paid for by the business.

Gross Method

An accounting method for recording purchases at the full invoice price without deducting any cash discounts at the time of purchase.

Check Register

A record of all checks written, deposits made, and charges or credits to a bank account, used for managing funds and reconciling bank statements.