Which of the following is a correct representation of typical accounting functions?
A) Credit card sales function helps to ensure that payroll and employment taxes are kept current.
B) Accurate and timely accounts receivable records are essential for making decisions concerning the extension of credit.
C) Leasehold records help to ease the problems of keeping necessary insurance coverage current and in force.
D) Insurance register helps to track the amount of discount and charge backs taken by your credit card provider.

Question

Quizplus · Accepted Answer

Accurate and timely accounts receivable records are important for making informed decisions about extending credit to customers. This is a typical accounting function as it involves managing and tracking financial transactions related to the sale of goods or services, which is a core component of the accounting process. The other options, such as credit card sales function, leasehold records, and insurance registers, may also be important for managing financial data but are not necessarily representative of typical accounting functions.

Which of the Following Is a Correct Representation of Typical