A business's source documents may include all of the following except:
A. Purchase orders.
B. Bank statements.
C. Sales tickets.
D. Checks.
E. Ledgers.
Answer: E
You might also like to view...
A good rule of thumb for managing accounts payable is to:
a. Never pay until the bill is thirty days past due. b. Delay paying for as long as is acceptable under the agreement. c. Pay as soon as the bill is received. d. Avoid using credit for purchases.
Hilda, age 11, earns wages of $2,700 from modeling. Since the funds are collected by Hilda's father and used for Hilda's living expenses, her father intends to include it in his gross income. I.The assignment of income doctrine prohibits the father from recognizing the $2,700.II.Even if Hilda desired to gift the $2,700 to her father, Hilda must recognize the income she earned.?
A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. None of the statements are correct.
Bank reconciliations are normally prepared on a monthly basis to identify adjustments needed in the depositor's records and to identify bank errors. Adjustments should be recorded for
a. bank errors, outstanding checks, and deposits in transit. b. all items except bank errors, outstanding checks, and deposits in transit. c. book errors, bank errors, deposits in transit, and outstanding checks. d. outstanding checks and deposits in transit.
Young Company has provided the following information
Sales price per unit $52 Variable cost per unit 16 Fixed costs per month $14,000 Calculate the contribution margin per unit. A) $36.00 B) $52.00 C) $68.00 D) $16.00