Which of the following is TRUE of posting entries from a cash payments journal?
A) Entries in the cash payments journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.
B) The postings of accounts payable are credits and increase the balance in the individual accounts payable account.
C) After posting the payment of accounts payable, a check mark is entered in the cash payments journal and the posting reference is printed in the subsidiary ledger.
D) At the end of the month, each column is totaled and the totals, including the Other Accounts DR column, are posted to the specific general ledger accounts.
C) After posting the payment of accounts payable, a check mark is entered in the cash payments journal and the posting reference is printed in the subsidiary ledger.
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Regarding relevant nonfinancial information, which of the following statements is incorrect?
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Processes turn _________ into ________.
a. outputs, inputs b. inputs, outputs c. returned product, refurbished product d. components, raw materials
A good executive summary for a new venture business plan should contain which of the following?
a. Information showing a solid growth market b. Information confirming a well-defined customer who needs what you sell c. Information on the team suited to execute the plan d. All of the above
The document that specifies the term of the loan as agreed to by the borrower and lender is called the
A) loan repayment schedule. B) loan contract. C) loan application. D) terms of agreement.