An Accountant Received a Stack of Sales Invoices

question 48

Multiple Choice

An accountant received a stack of sales invoices.Which of the following statements is most true?

• A)The stack of sales invoices can help the accountant identify economic information, which is part of both accounting and bookkeeping.
• B)The accountant is a "user of information" as the phrase is used in the definition of bookkeeping only.
• C)The accountant is a "user of information" as the phrase is used in the definition of accounting only.
• D)The stack of sales invoices can help the accountant identify economic information, which is part of bookkeeping, but not accounting.

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Definitions:

Accounts Receivable

Liabilities of customers towards a business for availing themselves of or receiving products or services not yet paid for.

Promissory Note

A promissory note is a financial instrument in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand.

Key Parties

Critical or main individuals or groups involved in an event, decision, or transaction.

Maturity Value

The amount payable to an investor at the end of a debt instrument's life, including principal and interest.