The ________ Method Focuses Organizational Attention on How Information Should

question 59

Multiple Choice

The ________ method focuses organizational attention on how information should be handled.

• A)FCS
• B)CFS
• C)CSF
• D)SFC

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Definitions:

Gross Method

An accounting approach to recording purchases and sales transactions without deducting cash discounts at the point of sale.

Sales Transactions

Financial exchanges involving the transfer of goods or services from seller to buyer for payment.

Journal Entries

Records of financial transactions in the accounting system in the order in which they occur.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments, used to verify the equality of debits and credits and prepare financial statements.