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⫸ benefits of EFT. Answer: -speed up collections -company receives EFT's immediately -because these payments are deposited directly into the company's bank account, EFT's eliminate the need for some internal controls ⫸ cash payments. Answer: cash payments: 1. writing a check or completing an EFT to a supplier 2. paying employees via EFT ⫸ goal for internal control of cash payments. Answer: to ensure that the business pays only for properly authorized transactions. ⫸ vou...

◉ Last in First Out (LIFO). Answer: An inventory valuation method which determines the value of inventory sold as if the current units sold are the newest units placed into inventory (Last In First Out). In a time of steadily rising inventory costs, this method leaves the lower costs in the inventory account and recognizes the latest, higher costs as an expense in Cost of Goods Sold. ◉ Leasehold Improvements. Answer: Long-lived (multiple year) improvements made to a leased property by t...

⫸Current accounting. Answer: Used to record the partners salaries, shares of profits and drawings. The current account of each partner may have debit or credit balances depending on what they have withdrawn from the partnership in drawings ⫸Advantages of setting up a partnership. Answer: In expensive and easy to begin Shared resources- more capital contributed by multiple partners Shared risk- Loses and liabilities split among partners, reducing individual burden Tax benifits- Profits...

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