What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded?
The company should periodically, perhaps monthly, send an account summary to each customer listing invoices and amounts paid by check number and date. This form allows the customer to verify the accuracy of the records. If any payments are not recorded, they will notify the company of the discrepancy. These reports should not be handled by the accounts receivable clerk or the cashier.
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Indicate whether the statement is true or false
Sinking Fund Income is reported in the income statement as
A) income from operations B) extraordinary C) gain on sinking fund transactions D) other income
Along the service-product continuum, which of the following would be considered the most product dominant?
A. auto repair shop B. grocery store C. doctor's office D. restaurant E. cell phone service provider
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Answer the following statement true (T) or false (F)