Which of the Following Is True Regarding the Open Item

question 39

Multiple Choice

Which of the following is true regarding the open item method of accounting for accounts receivable?

• A) Payments are applied to the outstanding balance rather than to particular invoices.
• B) Invoice records remain in the open invoice file until payment is received.
• C) The open invoice file is archived at the end of the period.
• D) No attempt is made to match individual payments and invoices.

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Definitions:

Dopamine

A neurotransmitter involved in controlling movement and posture, moderating mood, and affecting motivation and reward.

Impulsivity

A tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences.

Novelty Seeking

The trait of pursuing new and different experiences, sensations, and objects, often driven by a desire for excitement and exploration.

Reward Salience

refers to the significance or attractiveness of a reward to an individual, influencing motivation and behavior.