A Listing of the Balances in the Accounts Receivable Master

question 21

Multiple Choice

A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the time the component parts have been outstanding, is the:

• A) customer list.
• B) aged trial balance.
• C) accounts receivable ledger.
• D) schedule of accounts receivable.

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Definitions:

Full Cost

The total cost of producing a product or service, including all direct, indirect, fixed, and variable costs.

Price-Fixing Contracts

Agreements between competitors to set prices at a certain level, which is illegal in many jurisdictions because it undermines free market competition.

Competition

The rivalry among businesses to attract customers and achieve market dominance.

Quoting Prices

The action of providing a prospective customer with a price at which a seller agrees to sell goods or services.