A Customer Mails and Records a Cheque to a Client

question 84

Multiple Choice

A customer mails and records a cheque to a client for payment of an unpaid account on December 30.The client receives and records the amount on January 2.The records of the two organisations will be different on December 31.

• A) This is a timing difference.
• B) This is a cutoff misstatement.
• C) both A and B
• D) none of the above

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Definitions:

Cochlea

A spiral-shaped cavity in the inner ear containing the organ of Corti, which produces nerve impulses in response to sound vibrations.

Cornelius Vanderbilt

An American industrialist and philanthropist who built his wealth in railroads and shipping during the 19th century.

Jenny Jerome

An American socialite best known as the mother of Winston Churchill, Prime Minister of the United Kingdom during World War II.

Stenographers

Professionals who specialize in the transcribing of speech, often in legal or business settings, into written form using shorthand or a stenotype machine.