An Active Citizen Gets Involved by

question 11

Multiple Choice

An active citizen gets involved by

• A)participating in community debates and hearings.
• B)writing letters to legislators.
• C)voting in every election.
• D)all of the above

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Definitions:

Perpetual Inventory System

An accounting method that continuously updates inventory records for sales and purchases, providing a highly current account of inventory on hand.

Net Method

An accounting technique where discounts for prompt payment are calculated and recorded immediately, reducing the purchase cost of inventory.

Allowance for Sales Discounts

An account used in bookkeeping to estimate the reduction in revenue due to sales discounts that customers are expected to take advantage of.

Accounts Receivable

Debts owed by customers to a business for items or services that have been furnished but not compensated.