Which one of the following statements related to the control of cash disbursement is true? Payment for purchase return should be made from purchase register None of these Serial number is not important in case of issued cheques All payments should be made by cheque

Which one of the following statements related to the control of cash disbursement is true? Payment for purchase return should be made from purchase register None of these Serial number is not important in case of issued cheques All payments should be made by cheque

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which one of the following statements related to the control of cash disbursement is true?
Payment for purchase return should be made from purchase register
None of these
Serial number is not important in case of issued cheques
All payments should be made by cheque
Which one the following statements is true about periodic inventory system?
It is not appropriate for the small businesses
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