What function does the receiving department serve in the revenue cycle?
The receiving department counts and inspects items which are returned by customers. The receiving department prepares a return slip of which a copy goes to the warehouse for restocking, and a copy goes to the sales order department so that a credit memo can be issued to the customer.
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Indicate whether the statement is true or false
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 30% in the month following the sale. The
cash collections in October are: A) $320,000 B) $243,000 C) $303,200 D) $380,000
A time ticket is a source document used to record the total number of hours worked and serves as a source document for entries to record direct labor costs.
Answer the following statement true (T) or false (F)
Habit can be best understood as:
a. a predisposed condition b. a pattern of negative behaviors c. a pattern of behavior carried out infrequently d. a pattern of behavior carried out often and regularly