Ian Buys a Cell Phone in Jiffy Mart,using the Means

question 1

Multiple Choice

Ian buys a cell phone in Jiffy Mart,using the means that accounts for more retail payments than any other. This means of payment is

• A)a commercial check.
• B)a debit card.
• C)a personal check.
• D)cash.

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Definitions:

Payables Turnover Rate

A financial ratio indicating how efficiently a company pays its suppliers, calculated by dividing total purchases by average accounts payable.

Accounts Payable Balance

The total amount of money that a company owes to its suppliers or creditors for items or services purchased on credit.

Sales

Revenue generated from goods or services sold by a company in a specific period.

COGS

Short for Cost of Goods Sold, it represents the direct costs attributable to the production of the goods sold by a company.