Accting Test 678

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  1. Days sales uncollected ratio
    current a/r divided by the net sales x's 365
  2. Journalize short on cash drawer
    Cash Debit 1142, Cash over short 28, Sales Total 1172
  3. The internal control feature that is specific to petty cash is
    the inprest system
  4. Journalize petty cash
    Beginning month Petty Cash debit, cash credit' end of month: Expenses debit, cash over short and cash credit
  5. What is the control advantage of the net method of accounting for inventory purchases
    it highlights the inefficiency of losing purchase discounts
  6. The party that holds a note receivable is called the
  7. The function of the credit department is to
    evaluate customers who apply for credit
  8. Compute a/r turnover
    netsales 754000, divided by a/r current yr + last yr/2
  9. The purposed for recording the bad debts expense and allowance for doubtful accounts
    record bad debt expense
Card Set:
Accting Test 678
2012-03-29 06:50:22
Accting Test 678

Accting Test 678
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