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- an entity who does not pay at the time of a transaction as a results of credit sales is known asAccounts receivable arise from credit sales to customers by both retailers and wholesalers. True or false?Credit sales are recorded by crediting an account receivable for specific customer. True or false?
- Why should a company have clear strategy for collecting Accounts receivable from its customers? For example, some companies do offer discounts to customer for early payment instead collecting the full amount at the due date.What would a credit manager do if a sales order received caused a customer to exceed its credit limit?When will a credit check approval most likely require specific authorization by the credit department? a. when verifying that the current transaction does not exceed the customer’s credit limit b. when verifying that the current transaction is with a valid customer c. when a valid customer places a materially large order d. when a valid customer returns goods
- Which of the following statements is correct? Select one: a. Account receivable turnover is equal to net credit sales divided by average net accounts receivable. b. Buying aged receivables from businesses and then collects the payments directly from the customers is called Allowance for uncollectible accounts. c. Auto generated document numbers is a fraud preventive method which is more efficient than physical controls. d. If the same people are responsible for a series of related accounting activities is called Segregation of Duties.Which of the following accounts is not a contra-revenue? Group of answer choices A)Sales discounts B)Credit card discounts C)Sales returns and allowances D)Allowance for doubtful accounts E)All the above are contra-revenuesSales made, but for which payment has not yet been collected, are called accounts payable? (From the stores prospective) True False
