Written Evidence or an Electronic Record of a Contract for a Sale

question 60

True/False

Written evidence or an electronic record of a contract for a sale of goods priced at $50 or more is required.

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Definitions:

Credited

The recording of an increase in liabilities, revenues, or equity accounts, or a decrease in assets or expense accounts.

Total Assets

The sum of all resources owned by a company that can be converted into cash or used in the operation of the business to generate revenue.

Shareholders' Equity

The residual interest in the assets of a corporation that remains after deducting its liabilities.

General Ledger

A comprehensive record of a company's financial transactions over the life of the organization.