A _____ Is the Preference Given to One Activity Over

question 56

Short Answer

A _____ is the preference given to one activity over other activities.

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Definitions:

Accounts Receivable Journal

A ledger used to record sales transactions where payment is to be received in the future, detailing each customer’s purchase on credit.

Purchases Journal

A specialized accounting journal used to record the purchasing of goods and services on credit.

Promissory Note

A financial instrument in which the writer promises in writing to pay a determinate sum of money to the payee under specific terms.

Revenue Journal

A specialized accounting journal used to record all incoming revenues and sales transactions of a company.