Which of the Following Files Is Not Owned by the Account

question 5

Multiple Choice

Which of the following files is not owned by the account receivable application in a conventional accounting system?

• A) Open customer invoice file
• B) Customer master file
• C) Cash receipts transaction file
• D) Vendor master file

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Definitions:

Customer Needs

The requirements and desires of purchasers that motivate them to buy products or services.

Innovation Efforts

The activities oriented towards creating new products, improving existing offerings, or developing novel processes and technologies.

Business

The organized efforts and activities of individuals to produce and sell goods and services for profit.

Competition

Involves businesses contending in the same industry or market to attract customers, increase sales, and gain market share.