Revenue and expense accounts
a. are permanent accounts.
b. are temporary accounts.
c. reflect cumulative changes in each account since the organization of the firm.
d. record all cash receipts and cash disbursements.
e. none of the above.
B
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The petty cash voucher should be kept by the person being reimbursed
Indicate whether the statement is true or false
In a normal job-order costing system, factory overhead is applied using actual rates times actual input
Indicate whether the statement is true or false
A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly journals will mailed to customers. When the company mails the first quarterly journal to customers, it should record:
A. Debit Unearned Revenue $45,000; credit Cash $45,000. B. Debit Prepaid Subscriptions $11,250, credit Sales $11,250. C. Debit Unearned Revenue $11,250, credit Sales $11,250. D. Debit Cash $11,250, credit Sales $11,250. E. Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750.
Cooperative purchasing organizations are firms that specialize in the purchasing function and provide this service to small businesses.
Answer the following statement true (T) or false (F)