The Cash Receipts Transaction File Is Used to Update the Open

question 53

True/False

The cash receipts transaction file is used to update the open customer invoice file and the

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Definitions:

Previous

Referring to something occurring before the current point in time or the item immediately before another in order or sequence.

Accord And Satisfaction

A contract law concept where a dispute is settled by an agreement (accord) and the subsequent payment (satisfaction), which discharges the original contractual obligation.

Mutual Agreement

A consensus or accord reached between two or more parties on a matter, often formalized through a contract or verbal understanding.

Specific Performance

An equitable remedy requiring the breaching party to perform as promised under the contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).