Just as Important as Keeping Up to Date with Revision

question 98

True/False

Just as important as keeping up to date with revision numbers and dates on documents is timely distribution of updated documents with a summary of revisions.

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Definitions:

Merchandising Business

A commercial enterprise that purchases goods in a finished condition for the purpose of resale without further manufacturing.

Contra Accounts

Accounts used in the accounting ledger to reduce the value of a related account when the two are netted together.

Perpetual Inventory

An inventory management system where updates are made continuously as inventory items are bought and sold.

Cash Sales

Transactions in which the buyer pays for a good or service at the time of the sale with cash or its equivalent.