________ Describes When a Resource Is Consumed or Benefit Forgone

question 46

Multiple Choice

________ describes when a resource is consumed or benefit forgone to meet a specific objective.

• A) Cost incurrence
• B) Locked-in cost
• C) Resource utilization
• D) Designed-in cost

---

Definitions:

Accounts Receivable

Accounts receivable is the money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

Electronic Funds Transfer

A system that allows the transfer of money between bank accounts without the physical exchange of cash, checks, or other negotiable instruments.

Outstanding Checks

Checks that have been issued and recorded in the payer's financial statements but have not yet been cashed or cleared by the bank.

Bank Reconciliation

The method of aligning the figures in a company's financial records for a cash account with the relevant data on a bank statement.