The Systematic Assignment of Numbers or Letters to Items to Classify

question 20

Multiple Choice

The systematic assignment of numbers or letters to items to classify and organize them is known as

• A)coding
• B)chart of accounts
• C)data input
• D)pre-numbered documents

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Definitions:

Freight In Account

An accounting term used to describe the costs associated with transporting goods into a business, typically included as part of inventory costs.

Merchandise Purchased

Represents the total cost of goods bought for resale during a specific accounting period.

Credit Balance

A situation where the total credits in an account exceed the total debits, commonly seen in liability, revenue, and equity accounts.

Freight Out

The cost associated with transporting goods from a company to its customers, considered a selling expense.