Electronic Funds Transfer Moves Cash by Electronic Communications

question 93

True/False

Electronic funds transfer moves cash by electronic communications.

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Definitions:

Trade-in Allowance

The amount credited to the buyer by the seller for a traded item, reducing the cost of the new purchase.

Book Value

The net value of a company's assets found on its balance sheet, and is calculated by subtracting liabilities from the total assets.

Adjusting Entries

The journal entries that bring the accounts up to date at the end of the accounting period.

Accounting Period

A specific time period in which all financial transactions are recorded and financial statements are prepared.