After Payment Is Made, a Notation Is Made on The

question 56

Multiple Choice

After payment is made, a notation is made on the:

• A) check register.
• B) voucher register.
• C) back of the voucher.
• D) All of these answers are correct.

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Definitions:

Average Payment Period

The average time it takes a company to pay off its accounts payable.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.

Average Sales Period

The average amount of time it takes for a company to sell its inventory, which can reflect its inventory management efficiency.

Liquidity

The ability of an entity to quickly convert its assets into cash or to pay off its current liabilities.