Voluntary Responsibilities Are Optional Activities That Promote Human Welfare or Goodwill

question 46

True/False

Voluntary responsibilities are optional activities that promote human welfare or goodwill.

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Definitions:

Allowance

An amount set aside or deducted to account for possible adjustments or for diminution in value, notably in the contexts of accounts receivable and inventory.

Service Charge

A fee collected for the provision of a service, often added to the base cost of the service.

Credit Card

A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them.

Journal Entry

A record in the books of accounts that shows a business transaction and its effect on the company's finances.