What Are the Types of Checking Accounts

question 19

Multiple Choice

What are the types of checking accounts?

• A)Basic checking and free checking
• B)New construction draw accounts
• C)Interest-bearing checking
• D)Basic,free,AND interest-bearing

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Definitions:

Inventory Value

The monetary value of all the goods that a company has in stock, not yet sold.

Total Inventory

The complete value of a company's raw materials, work-in-progress, and finished goods at a given time.

Perpetual Inventory System

A system for tracking inventory accounting that instantly logs each sale or acquisition of inventory through computerized point-of-sale systems and software for managing enterprise assets.

LIFO

A rephrased definition: An accounting approach to inventory and cost of goods sold valuation that assumes the most recently acquired items are the first to be sold.