Question
1,Policies and procedures that are established to protect and manage a companys assets are known as a record-keeping system. an accounting system. internal controls. management
1,Policies and procedures that are established to protect and manage a companys assets are known as
a record-keeping system.
an accounting system.
internal controls.
management controls.
2.Accounts receivable are reflected on the statement of financial position at the carrying amount which is
accounts receivable plus allowance for doubtful accounts.
accounts receivable less allowance for doubtful accounts.
accounts receivable plus bad debt expense.
accounts receivable less bad debt expense.
3.Who should be responsible for preparing the bank reconciliation?
the person who makes the deposits
the person who writes the cheques
the person who maintains the accounting records
a person not involved in the day-to-day banking activities
4.Which of the following do not affect the amounts collected on accounts receivables?
credit policy
returns policy
discounts policy
the allowance for doubtful accounts
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