Spending on Home Purchases Such as Expensive Sound Systems,satellite Television

question 182

True/False

Spending on home purchases such as expensive sound systems,satellite television systems,swimming pools,and saunas is the result of the consumer buyer behavior trend of cocooning.

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Definitions:

Computerized Accounting System

A software-based method that provides automatic bookkeeping and accounting for business transactions, improving accuracy and efficiency over manual methods.

Chart of Accounts

A listing of all the accounts in a general ledger that a business uses to code each of its transactions based on the nature of the expense, asset, liability, etc.

General Ledger

A comprehensive accounting record of all transactions of a business, summarizing all accounts and transactions in one place.

General Ledger Accounts

These are the main accounts where all the business transactions of a company are recorded, serving as a permanent record organized by account.