Figure 2-3 -Refer to Figure 2-3.What Are Two Elements Not Included in Not

question 48

Short Answer

Figure 2-3
-Refer to Figure 2-3.What are two elements not included in this figure that could be included in a more complex model?

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Definitions:

Office Supplies

Items used in offices for daily operations, such as paper, pens, and other stationery items, usually considered short-term assets.

Credit Memo

A paper provided by the seller to the buyer that decreases the amount the buyer must pay to the seller, as per a previously issued invoice.

Note Receivable

A written promise for the payment of a specified amount of money, by a debtor to the lender, with interest, at a future date.

Journalize

The process of recording financial transactions in a journal, which is the first step in the accounting cycle.