Briefly Describe the Five Different Software Layers

question 67

Essay

Briefly describe the five different software layers.

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Definitions:

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a debit to the sales returns account and a credit to accounts receivable or cash.

Gross Sales

The gross sales income of a business before subtracting any returns, allowances, or discounts.

Credit Sales

Sales transactions where payment is not received at the time of purchase but is instead deferred to a later date.

Cash Sales

Transactions where goods or services are paid for with cash at the time of the sale.