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:

Principal

The initial amount of money loaned or invested, excluding any interest or dividends.

Interest

The charge for borrowing money or the return on investment, typically expressed as a percentage.

Maturity Value

The total amount that will be paid out or received at the end of an investment period, including principal and interest.

Investment

The act of managing money with the purpose of earning extra revenue or profit.