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:

Salvage Value

The estimated resale value of an asset at the end of its useful life, accounting for depreciation.

Discount Rate

In discounted cash flow analysis, this is the rate used to ascertain the present worth of cash flows expected in the future.

Tax Rate

The tax imposition rate on the financial gains of individuals and corporations.

Machinery

Tools, equipment, and devices that perform various tasks in the production process, often indicating the fixed assets used in manufacturing or production.