A Family That Is Using a Computer Program to Create

question 65

Multiple Choice

A family that is using a computer program to create a formal household budget is using the budget as a(n) ________.

• A)planning tool
• B)controlling tool
• C)organizing tool
• D)leading tool

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Definitions:

Gross Method

An accounting practice for recording the full invoice amount of a sale without deducting any discounts offered.

Merchandise Return

The process by which a customer returns previously purchased merchandise back to the seller, often due to defects or dissatisfaction.

Perpetual Inventory System

A technique in inventory accounting that uses computerized point-of-sale systems and enterprise asset management software for the immediate recording of inventory transactions.

Gross Method

An accounting practice where the purchase discount is not recorded at the time of purchase but is instead recognized when the discount is actually taken.