When the Manager of a Local Auto Repair Shop Decided

question 101

True/False

When the manager of a local auto repair shop decided to expand into a neighboring town,she was making a programmed decision.

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Definitions:

Note Payable

An obligation in the form of a promissory note, which requires the borrower to pay back the loan or debt to the lender at a future date.

General Journal

The primary accounting record used to record all types of transactions not assigned to other journals.

Equipment

Tangible property that is used in the operations of a business and has a useful life of more than one year.

Salaries

Payments made to employees for services rendered, typically on a monthly or biweekly basis, constituting an operating expense for companies.