"Empty Nesters

question 313

Multiple Choice

"Empty nesters":

• A) are senior citizens.
• B) are people over 65 who live alone.
• C) often have high incomes and fewer required expenses.
• D) are singles and couples without children-who have much discretionary income.
• E) None of these alternatives is correct.

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Definitions:

Voucher

A record that acts as proof of a transaction and permits a payment to be made.

Gross Method

An accounting method for recording purchases at the full invoice price without deducting any cash discounts offered.

Net Method

An accounting technique that records purchases after discounts, where the purchase price is reduced by the expected discount amount.

Journal Entries

Journal entries are the foundational recordings of all financial transactions in the double-entry bookkeeping system, indicating debits and credits to accounts.