A customer wanted toknow the remaining balance on their account.This information would be located on the:

Accounts Receivable - general ledger account

Sales Journal

Accounts Receivable -subsidiary ledger

Accounts Payable - subsidiary ledger

In determining the cost of goods sold under the periodic inventory method,which account is NOT affected?

Sales discounts

Purchase returns and allowances

Purchase discounts

Inventory

In the Purchasing Cycle,what is the first step of this cycle?

Vendors Invoice

Purchase Requisition

Purchase Order

Purchases Journal

In the Cash Disbursement Cycle,what is a type of disbursement?

Accounts Receivable

Assignment of Credit

Deposits

Payments on Accounts Payable

Prepaids, accruals, and depreciation are adjustments:

To be completed always at the end of the year

To prepare for major purchases

To the accrual method of accounting

To verify internal controls and fraud detection

Which of the following documents originates outside the company?

Purchase order

Cash sale invoice

Bill of lading

Vendor Invoice

A common cause between the difference of cash on the General Ledger and the Bank Statement is:

Deposits recorded in the books one period,but not deposited until the next period

Checks that have been cleared in the bank and on the books

Accounts Receivable discrepancies

Deposits that have been cleared in the bank and on the books

What are the two sub-cycles to in the payroll cycle?

Cash receipts and accruals

Payments of employee services and payroll accruals

Employee subcards and vacation hours

Wages expenses and payroll tax payables

When the cost of inventory is First In First Out, then:

First in of inventory is still here (FISH)

Last in of inventory is still here (LISH)

Units of measurement of inventory is still here

Weighted average of inventory is still here

To test for existence, an auditor would start:

The journals and trace back to the general ledger

The general ledger and trace forward to the financial statements

The source documents and trace forward to the financial statements

The financial statements and trace back to thesource documents