British Columbia Institute of Technology FMOT 1100 - Accounting 1 SHORT ANSWERS (Martes operating cycle of a merchanding company longer or shorter than for explain the man dierence between the operating cycles (2 marks) 3) Goods that were purchased on destination are still in tamil when a physical inventory is being done will the seller incide these gods in their physical inventory count? Explain [2 mark) 4) Give a brief explanation of what an EFT is, and why a company may prefer EFT payments. (3 marks 5) What is the purpose of recording estimated uncollectible accounts using the allowance method? (1 mark)