Because Computers Are Everywhere in Society, It Is Important to Have

question 79

True/False

Because computers are everywhere in society, it is important to have an understanding of how they work.

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Definitions:

Pre-Printed Checks

Checks printed by the bank or another provider with the payer’s account information before the payer fills in the details of the payee, amount, and signature.

Cash Over And Short

An account that records discrepancies between the actual amount of cash received and the expected amount based on sales records.

Miscellaneous Expense

Expenses that do not neatly fit into specific categories, often minor in nature and not regularly recurring.

Contra Asset

An account on a company's balance sheet that offsets against an asset account on the same balance sheet.