The System's "Informative" Linkage Between Outputs and Inputs Is Known

question 36

Multiple Choice

The system's "informative" linkage between outputs and inputs is known as ____________.

• A)profits
• B)customers
• C)competitors
• D)feedback

Prepare general journal entries for sales transactions, including those involving sales taxes and credit terms.

Calculate the amount of cash collected in transactions involving sales taxes.

Distinguish between the recording of cash sales and credit sales, including the impact of sales returns and allowances.

Understand the principles of recording transactions in the general journal.

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Definitions:

Consumption Method

An accounting practice that records the cost of goods sold at the time they are consumed or sold, as opposed to when they are purchased.

Office Supplies

Items needed for the daily operations of a business, such as pens, paper, and staplers.

Government-Wide Financial Statements

Comprehensive financial reports that present the financial position and results of operations of all governmental activities and entities.

Debt Service Fund

A fund established to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.