Which of the following statements is true about a purchase requisition form?

a.It is required to approve the availability of requested merchandise in a company's inventory.

b.It is a document used to request the Purchasing Department to buy required merchandise.

c.It is sent by the Purchasing Department to the supplier.

d.It is filled in by the Purchasing Department.

In a manual system of accounting, to take care of double posting for Accounts Receivable in the general ledger and the accounts receivable, an accountant:

a.puts a check mark in the Post. Ref. column of the general ledger.

b.draws a slanted line in the Post. Ref. column of the general journal.

c.puts a cross mark in the Post. Ref. column of the general journal, general ledger, and accounts receivable ledger.

d.puts a check mark in the Post. Ref. column of the general journal, account in general ledger, and accounts receivable ledger.

Which of the following is true of invoices prepared by the billing department of a merchandise company?

a.Only one duplicate copy of an invoice is prepared; the original is sent to customer and the copy is used to record the sale.

b.An original invoice received and returned by a customer is used by the accounting department to record the sale transaction.

c.No copy of an invoice is prepared to maintain the confidentiality of the sales transaction.

d.Invoices are prepared in multiple copies and serve as evidence for recording transactions.

Erin Company has the following sale transaction:

Aug. 15

Sold merchandise on account to Scarlet Company, invoice no. 3424, $1,800

The company records the transaction on page number 41 in the sales journal. After posting in the Accounts Receivable account and the Sales account in the general ledger, an accountant puts a(n) _____ in the Post Ref. column of the sales journal.

a.check mark

b.cross mark

c.asterisk

d.slash

Under the perpetual inventory system, the Merchandise Inventory account must:

a.decrease by the sales return amount.

b.decrease by the cost of inventory purchased.

c.decrease by the sales amount.

d.decrease by the cost of inventory sold.

Which of the following statements is true of an accounts payable ledger?

a.It eliminates the requirement of recording transactions in a purchase journal.

b.It does not record purchase return, so its balance is always more than the Accounts Payable account.

c.It eliminates the requirement of recording transactions in the Accounts Payable account in a general ledger.

d.It lists the individual accounts of creditors in alphabetical or numerical order, with their respective transactions and balances.

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