Question
1.) Most companies have a formal credit management processes and develop a credit policies to collect the payments owed by customers. All of the features
1.) Most companies have a formal credit management processes and develop a credit policies to collect the payments owed by customers. All of the features below are part of a credit policy except: (select one)
a. vendor payment guidelines
b. collection method
c. terms of credit
d. credit standards
2.) When a company places a large order for materials, the supplier may provide a price discount known as a (select one)
a. quantity discount
b. Patrick price discount
c. quality discount
d. preferred customer discount
3.) Inventory includes all of the following types except: (select one)
a. finished goods
b. raw materials
c. work in process
d. forklift used to move in warehouse
4.) The difference between the balances shown in a firm's accounting system and actual balance shown by the bank is defined as (select one)
a. buoyancy
b. float
c. sink
d. kiting
5.) The technology which allows a company to scan cash into a mobile vault for same day credit is
a. smart safe
b. remote check scanner
c. lockbox
d. smart phone
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