Technology

question 120

Multiple Choice

Technology:

• A) Reduces the time, effort and cost of recordkeeping.
• B) In accounting is only available to large corporations.
• C) Has not improved the clerical accuracy of accounting.
• D) Has replaced accounting.
• E) In accounting has replaced the need for decision makers.

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Definitions:

Time Draft

A type of credit instrument in international trade where payment is deferred for a specified period after the buyer accepts the draft.

Banker's Acceptance

A short-term financial instrument issued by a company but guaranteed by a bank, commonly used in international trade.

Cash Discount

A reduction in the invoice price offered by a seller to encourage early payment by the buyer.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.