Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all questions ans select the best answer and state why briefly 6. Which of the following statements is characteristic of the closing process?

Please answer all questions ans select the best answer and state why briefly image text in transcribed
6. Which of the following statements is characteristic of the closing process? revenues have a normal credit balance, and are closed by crediting the revenue account. revenues have a normal credit balance, and are closed by debiting the revenue account revenues have a normal debit balance and are closed by debiting the revenue account revenues have a normal debit balance and are closed by crediting the revenue account none of these are characteristics of the closing process A , C. D. E. Which of the following reflects strong internal control? A. the person who opens the mail also makes the journal entry to record any customer payments 7. received by mail phyica nvenycount are nut pertomed because he company usese perpetual inventory physical inventory counts are not performed because the company uses a perpetual inventory system. C. D. E. a company ships goods to customers right before year-end even though the customers have not ordered them. none of the above reflect strong internal controls 8. From a company's point of view, which of the following statements best describes an "outstanding cheque"? A. a cheque written by the company but not yet presented to the bank for payment B. a cheque written by a customer to the company but not yet been presented to the bank for payment C. a cheque written by a customer to the company that has been presented to the bank for payment D. a cheque written by the company and presented to the bank for payment E. a cheque which was returned for not sufficient funds 9. Which of the following items is subtracted from the "cash balance from bank statement on a bank reconciliation? A deposits in transit B. interest earned on the bank account C. bank service charges D. outstanding cheques E. NSF cheques 10. Which of the following items is added to the "cash balance from bank statement on a bank A. outstanding cheques B. interest earned on the bank account C. notes receivable proceeds D. deposits in transit E. bank service charges

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Merchandising Math A Managerial Approach

Authors: Doris Kincade, Fay Gibson, Ginger Woodard

1st Edition

0130995886, 978-0130995889

More Books

Students also viewed these Accounting questions