If the December 31, 2016, balance of accounts receivable is higher than the January 1, 2016, balance, then the amount of cash collections will be less than the sales on account for the year
a. True
b. False
Indicate whether the statement is true or false
True
Business
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What type of account is Partial Billings?
A) asset B) contra asset C) liability D) revenue
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Departmental accounting reports are required to be prepared in accordance with generally accepted accounting principles (GAAP)
Indicate whether the statement is true or false
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Cost allocation is the process of assigning which of the following costs to specific cost objects?
a. Overhead b. Direct labor c. Selling and administrative expenses d. Direct materials
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All of the following are asset accounts except:
A. Supplies expense. B. Buildings. C. Equipment. D. Prepaid insurance. E. Accounts Receivable.
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