tif_ch14 - CHAPTER 14 Multiple-Choice Questions 1 easy d...

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CHAPTER 14 Multiple-Choice Questions 1. easy With the exception of cash sales, every transaction in the sales and collection cycle ultimately is included in which account(s)? d a. Cash. b. Accounts receivable. c. Allowance for doubtful accounts. d. b and c. 2. easy Which of the following is not one of the five classes of transactions included in the sales and collection cycle? d 3. What event initiates a transaction in the sales and collection cycle? easy d 4. What critical event must take place before goods can be shipped? easy b 5. Before goods are shipped on account, a properly authorized person must easy a. prepare the sales invoice. c b. approve the journal entry. c. approve credit. d. verify that the unit price is accurate. 6. A document prepared to initiate shipment of the goods sold is the easy b 7. The document used to indicate to the customer the amount of a sale and payment due date is the easy a 14-1
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8. Which of the following is not a business function within the “Sales” class of transactions? easy c 9. The total of the individual account balances in the accounts receivable master file equals the easy a. total sales for the period. d b. balance of the sales account in the general ledger. c. total sales less the total cash received for the period. d. balance of the accounts receivable account in the general ledger. 10. easy A listing of the amount owed by each customer which shows how long each component part has been due is the d 11. easy b A document sent to each customer showing his or her beginning accounts receivable balance and the amount and date of each sale, cash payment received, credit memo issued, and the ending balance is the
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