In the ________ Method of Tracking Accounts Receivable,customers Pay According

question 78

Multiple Choice

In the ________ method of tracking accounts receivable,customers pay according to the amount showing on their monthly statement and payments are applied against the total account balance.

• A)specific identification
• B)open-invoice
• C)balance forward
• D)remittance advice

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Definitions:

S Corporations

A form of corporation in the United States that meets specific Internal Revenue Code requirements and passes income directly to shareholders to avoid double taxation.

Corporate Income Tax

A direct tax imposed by a jurisdiction on the income or profit of corporations.

Investment

The operation of deploying resources, often financial, with the intention of earning returns.

Financial Transaction

An agreement, communication, or movement of funds between two parties that results in the exchange of financial instruments.