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- Debiting "Inventory" always results a credit of cash O True FalseCash paid for merchandise is an operating activity.Select one:a. FALSEb. TRUEThe Sales Discounts Forfeited account ________. A. is a balance sheet account B. represents additional sales revenue C. represents additional revenue due to the customer not paying within the discount period D. is a contra Sales Revenue account
- DO NOT COPY How does account receivable work?Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsThere is often a time lag between making a sale and receiving cash from the sale Select one: True False
- Hi so is the sales discount forfeited not used?A T-account for Cash cannot contain any credits. True False13.4 Match the threats in the left column to appropriate control procedures in the right col- umn. More than one control may be applicable. Threat Control Procedure 1. Failing to take available purchase discounts for prompt payment a. Accept only deliveries for which an ap- proved purchase order exists. b. Document all transfers of inventory. 2 Recording and posting eIrors in accounts payable 3. Paying for items not c. Restrict physical access to inventory. received 4. Kickbacks d. File invoices by due date. 5. Theft of inventory e. Maintain a cash budget.
- Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase order16. Which of the following is a contra account? a. Sales discounts b. Purchase returns and allowances c. Allowance for doubtful accounts d. All of the aboveIf any discount is offered for early payment of invoice will be called as a. Cash discount b. Trade discount c. No discount d. Any discount
