When Raw Materials Are Purchased,they Are Recorded as an Asset

question 70

True/False

When raw materials are purchased,they are recorded as an asset.

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Definitions:

Tickler File

An organizational system consisting of a set of files used as a reminder for tasks or events on specific dates.

Check Register

A record book or digital log used to track checks written, deposited funds, and current account balances.

Voucher Journal

A record that details every financial transaction of a business, paired with the documentation that supports the transaction as a part of the accounting system.

Voucher System

A control mechanism in accounting that ensures all purchases and expenditures are properly authorized before payment is made.