Which of the following is TRUE of posting from a sales journal to the general ledger?
A) Entries in the sales journal are posted to either the accounts receivable subsidiary ledger or the general ledger.
B) Individual accounts receivable are posted daily from the sales journal to the accounts receivable subsidiary ledger.
C) Even though the sales journal is posted monthly to the subsidiary ledger, it is a reliable record of the amount received from each customer.
D) Under a perpetual inventory system, the sales journal will not have the Cost of Goods Sold DR and Merchandise Inventory CR column.
B) Individual accounts receivable are posted daily from the sales journal to the accounts receivable subsidiary ledger.
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An auditor is reviewing sales cutoff as of March 31, 2019. All sales are shipped FOB destination and the company records sales three days after shipment. The auditor notes the following transactions:DateShipped MonthRecorded Selling Price(000's) Cost(000's)March 28 March $192 $200 March 29 March 44 40 March 30 April 77 81 April 2 March 208 220 April 5 April 92 84 If the entity records the required adjustments, the net effect on income (in thousands of dollars) for the period ended March 31, 2019 is
A. a decrease of 12. B. a decrease of 8. C. an increase of 12. D. an increase of 8.
A buffer is an introductory sentence or paragraph that leads up to and softens the bad news
Indicate whether the statement is true or false.
A company that manufactures large quantities of homogenous goods will use a process costing system
Indicate whether the statement is true or false
Which of the following relating to not-for-profit accounting for contributions is false?
a. All contributed services should be recognized. b. Contributions received should be recognized as revenues in the period received. c. Service contributions should be valued at the fair value of services or the resulting increase in assets. d. Contributions received should be recognized at their fair values.