Merchandise inventory is generally converted to cash more quickly than accounts receivable. O True False
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- Cash paid for inventory is an operating activity. True or False True FalseWhen goods are delivered after an advance receipt of cash, Unearned Sales Revenue is debited. Cash is debited. Unearned Sales Revenue is credited. Sales Revenue is debited. choose the correct ansCash paid for merchandise is an operating activity.Select one:a. FALSEb. TRUE
- 4. Which of the following is not a quick asset? c. Accounts Receivable d. Inventory а. Cash b. Cash Equivalents 5. It provides a rough approximation of the average time that it takes to collect receivables. c. Accounts Receivable turnover Inventory turnover b. Average age of receivables а. d. none of the aboveSuppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?The difference between the accounts receivable and the cash collection may be due to the following reasons EXCEPT: Cash discount Trade discounts Sales returns Sales allowances
- Which of the following is an advantage of using the net price method for recording cash discounts on credit sales? a. It eases communication with customers at balances. b. It properly reflects current per revenue. c. It simplifies recording of sales returns and allowances. d. It requires less recording keeping than the gross method.Which one of the items below is not a reason why cash does not equal profit? Cash Sales Prepayments Credit Purchases Credit SalesInventory Turnover Ratio shows the speed at which the Sales will be converted into cash. Select one: True False
- Clearly explain the advantages and disadvantages of cash on delivery transactions and credit sales. Relate your answers to the management of accounts receivable. b. What steps should be taken by a business to reduce/eliminate excessive inventory? Explain your answer clearly.Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Inventory Prepaid expenses Accounts payable Cash in bankvReceivables are valued and reported in the statement of financial position at their gross amount less any sales returns and allowances and less any cash discounts. True or False