Single-Use Plans Are Ongoing Plans That Are Used to Provide

question 143

True/False

Single-use plans are ongoing plans that are used to provide guidance for tasks performed repeatedly within the organization.

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Definitions:

Purchases Journal

A specialized accounting journal used to record all purchases of merchandise, inventory, and other supplies on credit.

Life Vests

Safety devices designed to keep an individual afloat in water and reduce the risk of drowning.

Customer Account

An account that records all transactions between a business and its customers, including purchases, payments, and credits.

Subsidiary Ledgers

Detailed ledgers that contain financial information on specific accounts or areas, such as accounts receivable or payable, supporting the general ledger.