Which of the following statements is not true:
A. Accounts receivable are increased by billings to customers.
B. Accounts receivable arise from credit sales.
C. Accounts receivable are increased by customer payments.
D. Accounts receivable are classified as assets.
E. Accounts receivable are held by a seller.
Answer: C
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Using the percentage of net sales method, uncollectible accounts expense for the year is estimated to be $54,000 . If the balance of the Allowance for Uncollectible Accounts is an $18,000 credit before adjustment, what is the balance after adjustment?
a. $72,000 b. $38,000 c. $54,000 d. $18,000
An employee hired to vet potential suppliers is likely performing which function?
a. Supply management b. Procurement c. Sourcing d. Capacity management
In 2011, computers of Brand A controlled 25% of the market, Brand B 20%, Brand C 10%, and brand D 45%. In 2015, sample data was collected from many randomly selected stores throughout the country. Of the 1,200 computers sold, 280 were Brand A, 270 were Brand B, 90 were Brand C, and 560 were Brand D. Has the market changed since 2011? Test at the 1% significance level
Which general ledger document tracks the amount of money that a customer owes for the goods received by the customer?
a. Balance sheet c. Accounts payable b. Accounts receivable d. Income statement