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- Bill-and-hold transactions occur when theseller records a sale but the goods or serviceshave not been delivered. But, all types of Bill and Hold are not illegal. Group of answer choices : True FalseWhich is not correct? The sale of VAT registrable persons are not subject to VAT and input VAT is also not allowed. The sale of VAT registrable persons are subject to output VAT and input VAT is allowed. The sale of non-VAT registered person who issued VAT receipts or invoices are allowed to credit input VAT. All of the aboveWhich of the following statements is NOT true regarding gift card revenue recognition? O When a gift card is sold, the seller establishes a liability on its balance sheet. O Breakage can only be recognized as revenue to the extent that it is probable a reversal will not be necessary. O Breakage refers to the unused portion of gift cárd balances. O The amount received from the sale of gift cards is required to be recognized as revenue when the gift cards are sold.
- Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill of Lading Official Receipt Statement of AccountConfirmation of sales invoices directly with customers will normally provide evidence concerning the a. client ownership of the invoice amounts. b. occurrence of the sales transactions. c. completeness of receivables. d. collectibility of the invoices.Where goods are sold by a person who is not the owner thereof, and who does not sell them under the authority or with the consent of the owner
- Which of the following feature/s related to FOB shipping point under shipping terms, except? a. Title and control of the goods the moment the carrier signs the bill of lading with the buyer b. Buyer assumes risk of transportation and is entitled to route the shipment c. Buyer is responsible for filing claims for loss or damage d. Seller is responsible for filing claims for loss or damage.1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders? 2. Explain how an automated matching process works regarding the payment of accounts payable 3. What control objective is addressed by having prenumbered receiving documentsWhich of the following statements concerning internal control procedures for merchandise sales is not correct? a.Accounting for a sale begins with the receipt of a purchase order or some similar document from a customer. b.Shipping and billing documents are prepared based on the order document. c.A sale and its associated receivable are recorded only when the order, shipping, and billing documents are all present. d.The order document is not necessary for the buyer to be obligated to accept and pay for the ordered goods.
- Documentary L/C requires the evidences for the shipment of the goods such as commercial invoices andtransport documents, etc. if the following explanation (or expression) is correct, please indicate "True". Or, if the following explanation (orexpression) is wrong, please indicate “False”.Under sales on credit, the supplier-customer relationship may be terminated under the law in the following situation except: Select one:a. Death of the customer b. Liquidation or bankruptcy of the customerc. Mental incapacity of the customer or personal guarantor d. Legal suits/litigation commenced against the customerAnswer the following questions about recording uncollectible Accounts Receivable (A/R): a) Describe both the direct write-off method and the allowance method of recognizing uncollectible accounts receivable. In your descriptions, be sure to identify the specific major difference between the approach taken for each method when recording uncollectible A/R. b) Which method is in accordance with GAAP? Discuss the reasons why the other method is not in accordance with GAAP.