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Questions
Q:
A basic present value concept is that cash in the future is worth less than the same amount of cash today.
Q:
The carrying value of a long-term note is computed as the present value of all remaining future payments, discounted using the market rate at the time of issuance.
Q:
If the borrower fails to pay a mortgage, most mortgage contracts grant the lender the right to foreclose on the property that is identified as security in the contract.
Q:
Bonds and long-term notes are similar in that they are typically transacted with multiple lenders.
Q:
A common payment pattern for installment notes is to pay the accrued interest periodically and to pay the principle amount on the maturity date.
Q:
An installment note is an obligation to the issuing company that requires a series of periodic payments to the holder.
Q:
The following special journal is taken from a merchandising company that uses the perpetual inventory system: Date
Account Credited
Explanation
PR
Cash Dr.
Sales Discount Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr.
Cost of Goods Sold Dr. Inventory Cr. 1/31
Balance 51,739
1,023
13,265
5,567
33,930
3,000 2/2
H. Jones
Inv. 452
x
637
13
650 2/14
Notes Payable
Note to bank
351
1,300 1,300 2/17
Sales
Cash sales
x
1,248 1,248 680 2/22
Equipment 181
651 651 2/28
M. Sims
Inv. 403
x
156 156 55,731
1,036
14,071
6,815
35,881
3,680 (101)
(413)
(112)
(411)
(X)
(511/113) a. What is the name of the journal shown above?
b. Write an explanation for each entry in this journal.
c. What do the numbers in parentheses at the bottom of the journal indicate?
Q:
Segment
Segment return on assets = Segment operating income / Segment average assets North America
$1,494 / $4,869 =
7% Africa
$ 224 / $ 541 =
41.4% Latin America
$1,033 / $1,443 =
71.6%
Q:
The following information is available for some of a companys segments (all amounts are in millions): North America
Africa
Latin America Segment sales
$6,264
$694
$2,089 Segment operating income
1,494
224
1,033 Segment average assets
4,869
541
1,443 a. Determine the segment return on assets for each geographic segment
b. Comment on the results. How do the segments compare with respect to profitability?
Q:
Discuss the differences in the special journals between a company using a perpetual inventory system and one using a periodic inventory system.
Q:
Explain how the amounts in the subsidiary ledgers are tested for accuracy.
Q:
What is the segment return on assets ratio? What is it used for?
Q:
Discuss how technology-based information systems affect accounting.
Q:
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
Q:
What are the five basic components of accounting information systems?
Q:
A company entered into the following transactions. Match each transaction with the appropriate journal. The journals can be used one time, zero times, or more than one time if necessary.
A. Cash receipts journal
B. Cash disbursements journal
C. Sales journal
D. Purchases journal
E. General journal ______1. Paid a utility bill for $3,400 cash. ______2. Purchased $1,590 of store supplies on account. ______3. Purchased a display rack on account for $4,700. ______4. Paid $65,000 cash for wages and salaries. ______5. Borrowed $5,000 cash from the bank. ______6. Returned defective inventory purchased on account, $2,900. ______7. A customer returned a $250 item purchased on account. ______8. Purchased merchandise on account, $2,700. ______9. Recorded cash sales of $14,700. ______10. Recorded depreciation on store equipment of $4,000.
Q:
Match the following terms with the appropriate definitions: A. Cash receipts journal B. Compatibility principle C. Cost-benefit principle D. Purchases journal E. Sales journal F. Segment margin G. Information storage H. Special journal I. Controlling account J. Schedule of accounts receivable ______1. A measure of the profitability of a segment, calculated as segment operating income divided by segment average assets. ______2. Any journal used for recording and posting transactions of a similar type. ______3. The special journal that is used to record all receipts of cash. ______4. An information system principle requiring that the benefits from an activity in an accounting information system outweigh the costs of that activity. ______5. The component of an accounting system that keeps data in a form accessible to information processors. ______6. A journal used to record sales of merchandise on credit. ______7. A general ledger account, the balance of which (after posting) equals the sum of the balances of the accounts in a related subsidiary ledger ______8. An information system principle requiring that an accounting information system conform with a company's activities, personnel and structure. ______9. A journal used to record all purchases on credit _____10. A list of each customer from the accounts receivable ledger with their balances and the total.
Q:
Match the following terms with the appropriate definition(s): A. Accounting information system B. Business segment C. Cash receipts journal D. Control principle E. Relevance principle F. Enterprise resource planning G. Cash disbursements journal H. Computer network I. Information processor J. Schedule of accounts receivable _______1. An information system principle requiring that an accounting information system aid managers in controlling and monitoring business activities. _______2. A list of each customer from the accounts receivable ledger with their balances and the total. _______3. The special journal that is used to record all payments of cash. _______4. The people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers. _______5. Links among computers giving different users and different computers access to common databases and programs. _______6. A part of a company that can be separately identified by the products or services that it provides or by the geographic market that it serves. _______7. The component of an accounting system that interprets, transforms, and summarizes information for use in analysis and reporting. _______8. Programs that manage a company's vital operations which range from order-taking to manufacturing to accounting. _______9. The special journal used to record all receipts of cash. _______10. An information system principle requiring that an accounting system report useful, understandable, timely, and pertinent information for decision making.
Q:
Match the following accounting system components with the appropriate item(s): A. Input devices B. Information storage C. Information processor D. Output devices E. Source document ______1. Computer hard drive ______2. Computer monitor ______3. Employee paychecks ______4. Electronic files ______5. Computer keyboard ______6. Journal entries ______7. Software ______8. Financial statements ______9. Journals ______10. Invoice from suppliers
Q:
Identify the accounting information system principle below that applies to each of these situations: A. Flexibility B. Compatibility C. Control D. Cost-benefit E. Relevance __________1. Global Company has designed its accounting information system so that key managers can obtain the information they need to make decisions relating to new products, sales, and controlling costs __________2. Global Company's accounting information system has policies to ensure that financial statements are reliable, assets are protected, and relevant laws and regulations are complied with. __________3. Global Company's accounting information system can be improved markedly for a cost of about $30,000,000. However, the incremental benefits from such improvements are not expected to outweigh this cost. __________4. Global Company has worldwide operations that must handle several thousand different products, so the accounting information system is fairly complex, encompassing marketing and manufacturing. __________5. Global Company has designed its accounting information system to be adaptable to changes in technology, the business environment, and the needs of decision makers.
Q:
A company uses a cash receipts journal (periodic system) as shown below: Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. How would the following transactions be recorded in this cash receipts journal?
12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250)
12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30.
A. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
7,500 12/11
Sales
Credit Sales 4,000 B. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
7,500 7,500 12/11
Sales
Credit Sales 80
3,920 C. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
7,500 7,500 12/11
Sales
Credit Sales 80
3,920
4,000 D. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
7,500 7,500 E. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
7,500 7,500
Q:
Argyle Company uses a cash receipts journal (periodic system) as shown below: Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. How would the following transactions be recorded in this cash receipt journal?
12/10 Sold merchandise to Sock Company for $9,260 cash (cost is $5,556)
12/11 Sold merchandise on credit to Gardner, Inc, invoice no. 873, for $7,000 (cost is $4,200). Terms are 2/10, n/30.
A. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
9,260 12/11
Sales
Credit Sales 7,000 B. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
9,260 9,260 12/11
Sales
Credit Sales 140
6,860 C. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
9,260 9,260 12/11
Sales
Credit Sales 140
6,860
7,000 D. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
9,260 9,260 E. Date
Account Credited
Explanation
Cash Dr.
Sales Disc. Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr. 12/10
Sales
Cash Sales
9,260 9,260
Q:
The main difference in the sales journal under the perpetual and periodic inventory system is:
A. The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic.
B. The sales tax receivable column that is used under the perpetual system but not the periodic.
C. The sales tax payable column that is used under the perpetual system but not the periodic.
D. The accounts receivable column that is used under the perpetual system but not the periodic.
E. The column for recording cash that is used under the perpetual system but not the periodic.
Q:
Assume that a company using a purchases journal made an error in totaling the journal's columns. The error should be discovered:
A. When the purchases journal is posted to the general ledger.
B. When the trial balance is prepared.
C. When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account.
D. When the creditors receive their payments.
E. When the financial statements are prepared.
Q:
After posting is completed, there may be an error if:
A. The sum of the customer account balances does not equal the total in the sales journal.
B. The sum of the accounts receivable ledger does not equal the balance in the Sales account.
C. The sum of the customer account balances does not equal the Accounts Receivable controlling account balance.
D. The balance in the sales journal does not equal the Accounts Receivable account balance.
E. The sum of the accounts receivable ledger does not equal the balance in the sales journal.
Q:
The Accounts Payable account in the general ledger is:
A. A controlling account for the subsidiary accounts payable ledger.
B. The account that controls the purchases journal.
C. The subsidiary account to the purchases journal.
D. Part of a special journal.
E. Part of a subsidiary ledger.
Q:
A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n):
A. Chart of accounts
B. Controlling account
C. Schedule of accounts receivable
D. Subsidiary ledger
E. Special journal
Q:
A company returned merchandise to a supplier because it did not meet their specifications. This transaction would be recorded in which of the following journals?
A. Sales journal
B. Purchases journal
C. Cash disbursements journal
D. Cash receipts journal
E. General journal
Q:
A company had cash sales during the period. These transactions would be recorded in which of the following journals?
A. Sales journal
B. Purchases journal
C. Cash disbursements journal
D. Cash receipts journal
E. General journal.
Q:
A company borrowed money from the bank and signed a long-term note payable. This transaction would be recorded in which of the following journals?
A. Sales journal
B. Purchases journal
C. Cash disbursements journal
D. Cash receipts journal
E. General journal
Q:
A customer who had purchased $75,000 worth of merchandise on account returns 5% of this order to the seller because he is not satisfied with the quality of the goods. This transaction would be recorded in which journal if historically the seller has had very few returns of this nature?
A. Sales journal
B. Purchases journal
C. Cash disbursements journal
D. Cash receipts journal
E. General journal
Q:
A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods. How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A. Sales
6,000 Accounts Receivable 6,000 B. Accounts Receivable
6,000 Sales 6,000 C. Sales Returns and Allowances
6,000 Accounts Receivable 6,000 D. Accounts Receivable
6,000 Sales Returns and Allowances 6,000 E. Sales
60,000 Accounts Receivable 60,000
Q:
A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he is not satisfied with the quality of the goods. How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?
A. Sales
5,000 Accounts Receivable 5,000 B. Accounts Receivable
5,000 Sales 5,000 C. Sales Returns and Allowances
5,000 Accounts Receivable 5,000 D. Accounts Receivable
5,000 Sales Returns and Allowances 5,000 E. Sales
25,000 Accounts Receivable 25,000
Q:
When the sales journal's column for accounts receivable and sales is totaled at the end of the month, its total is:
A. Debited to Sales and credited to Accounts Receivable.
B. Debited to Accounts Receivable and credited to Cash.
C. Debited to Cash and credited to Accounts Receivable.
D. Debited to Accounts Receivable and credited to Sales.
E. Debited to Cash and credited to Sales.
Q:
The management of Pasama Inc. is evaluating the three segments of the company. Given the data below, which of the following statements is true regarding segment return on assets? Segment
Segment Operating Income (in $mil.)
Segment Assets (in $mil.) 2013
2012
2013
2012 Africa
$63
$69
$472
$426 Belgium
25
27
93
68 Canada
22
19
36
33 A. Segment Africa has the highest operating income and the highest return on assets.
B. Segment Belgium has the highest operating income and the highest return on assets.
C. Segment Canada has the highest operating income and the highest return on assets.
D. Segment Canada has the highest return on assets and Segment Africa has the lowest return on assets.
E. Segment Belgium has a higher return on assets than Segment Canada.
Q:
The Consumer Products segment of a company had a segment return on assets of 53%. If the revenues and operating income of this segment were $872,630 million and $517,916 million, respectively, what is the segment's average total assets amount?
A. $462,493 million
B. $977,200 million
C. $695,273 million
D. $274,495 million
E. $736,989 million
Q:
The Midwest segment of a company had a segment return on assets of 13%. If the revenues and operating income of this segment were $4 million and $1 million, respectively, what is the segment's average total assets amount?
A. $130,000
B. $52,000
C. $30,769,230
D. $7,692,308
E. $23,076,923
Q:
The Asian segment of a multinational company had a segment return on assets of 60%. If the revenues and operating income of this segment were $17,000 million and $14,586 million, respectively, what is the segment's average total assets amount?
A. $24,310 million
B. $28,333 million
C. $52,643 million
D. $10,200 million
E. $8,751 million
Q:
The segment return on assets:
A. Can only be determined for international companies.
B. Is a measure of the profitability of a segment.
C. Is difficult to calculate because companies with traded stock are not required to report segment information.
D. Is calculated as segment average assets divided by segment operating income.
E. Is calculated as segment sales divided by segment average assets.
Q:
A company's Southwest segment had revenues of $12 million, operating income of $2 million, and average total assets of $3 million. The Southwest segment return on assets is:
A. 42.85%
B. 41.67%
C. 25.00%
D. 16.67%
E. 66.67%
Q:
A companys Latin American segment had revenues of $2,089 million, operating income of $1,033 million, and average total assets of $1,443 million. The Latin American segment return on assets is:
A. 49.4%
B. 69.0%
C. 71.6%
D. 139.7%
E. 144.8%
Q:
A business segment:
A. Requires only internal reporting.
B. Is a part of a company that is separately identified by its products, services, or geographic market.
C. Requires special journals.
D. Requires subsidiary ledgers.
E. Cannot report its results separately.
Q:
In a typical purchases journal, you would expect to see the following columns:
A. Accounts payable dr.
B. Purchase discounts cr.
C. Accounts receivable cr.
D. Inventory dr. (if perpetual method used).
E. Cost of Goods Sold dr. (if perpetual method used).
Q:
In a typical cash disbursements journal, you would expect to see the following columns:
A. Accounts payable dr.
B. Sales discounts dr.
C. Accounts receivable dr.
D. Inventory dr. (if perpetual method used).
E. Cost of Goods Sold dr. (if perpetual method used).
Q:
In a typical cash receipts journal, you would expect to see the following columns:
A. Sales dr.
B. Sales discounts cr.
C. Accounts receivable dr.
D. Inventory dr. (if perpetual method used).
E. Cost of Goods Sold dr. (if perpetual method used).
Q:
In a typical sales journal, you would expect to see the following columns:
A. Sales dr.
B. Sales cr.
C. Purchases dr. (if periodic method used).
D. Inventory dr. (if perpetual method used).
E. Cost of Goods Sold cr. (if perpetual used).
Q:
An approach that enters and processes data as soon as source documents are available is called:
A. Date storage
B. Batch processing
C. Online processing
D. Computer programming
E. Web communication
Q:
Enterprise resource planning software:
A. Refers to programs that help manage a company's vital operations.
B. Is another name for spreadsheet programs.
C. Uses batch processing of business information.
D. Is substantially declining in use.
E. Is another name for database programs.
Q:
The accounts receivable ledger:
A. Is for recording credit sales.
B. Is for storing transactions data for individual customers.
C. Is for storing transactions data for individual creditors.
D. Is for recording cash receipts from customers.
E. Is also the controlling account.
Q:
Subsidiary ledgers provide all the following benefits except:
A. Remove excessive detail from the general ledger.
B. Provide up-to-date information on customer or other specific account balances.
C. Aid in error identification for individual accounts.
D. Help with division of labor (recordkeeping tasks).
E. Allow users to record any transactions.
Q:
The use of an Accounts Payable controlling account:
A. Reduces the number of accounts in the subsidiary ledger.
B. Reduces the total number of accounts maintained.
C. Reduces the number of entries in the general journals.
D. Reduces the number of accounts in the general ledger.
E. Increases the number of columns in the journals.
Q:
An accounts receivable ledger is:
A. A subsidiary ledger that contains an account for each credit customer.
B. A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding.
C. A book of original entry that is designed and used for recording only a specified type of transaction.
D. The ledger that contains the financial statement accounts of a business.
E. A subsidiary ledger that contains a separate account for each creditor (supplier) to the company.
Q:
Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the:
A. Sales journal
B. General journal
C. Cash receipts journal
D. Accounts receivable ledger
E. Cash disbursements journal
Q:
An accounts payable ledger is:
A. A subsidiary ledger that contains an account for each of the companys suppliers.
B. A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding.
C. A book of original entry that is designed and used for recording only a specific type of transaction.
D. The ledger that contains the financial statement accounts of a business.
E. A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.
Q:
A subsidiary ledger that contains a separate account for each supplier of the company is a(n):
A. Controlling account
B. Accounts receivable ledger
C. Accounts payable ledger
D. General ledger
E. Special journal
Q:
A subsidiary ledger:
A. Includes transactions not covered by special journals.
B. Is a listing of all of the accounts of a business.
C. Is a listing of individual accounts with a common characteristic.
D. Is also called a general ledger.
E. Is also called a special journal.
Q:
The ledger that contains the financial statement accounts of a company is the:
A. General ledger
B. General journal
C. Special ledger
D. Special journal
E. Column balance ledger
Q:
When a company uses special journals, the general journal is used for selected transactions and events including:
A. Recording adjusting transactions.
B. Posting transactions to special journals.
C. Accumulating debits and credits.
D. Collecting detailed listings of amounts.
E. Recording cash receipts.
Q:
A book of original entry that is used to record and post transactions of a similar type is a:
A. Schedule
B. Columnar ledger
C. Special journal
D. General journal
E. Subsidiary ledger
Q:
The purchases journal is used for recording:
A. Credit purchases
B. Credit sales
C. Cash sales
D. Cash purchases
E. Cash disbursements
Q:
The sales journal is used for recording:
A. Credit purchases
B. Credit sales
C. Cash sales
D. Cash purchases
E. All Sales
Q:
The special journals of many accounting systems include all the following except:
A. Sales journal
B. General ledger
C. Purchases journal
D. Cash receipts journal
E. Cash disbursements journal
Q:
Information processors:
A. Include information storage.
B. Interpret, transform, and summarize information for use in analysis and reporting.
C. Are components of an accounting system that keep data in accessible form.
D. Are the means to take information out of an accounting system and make it available to users.
E. Include scanners.
Q:
Output devices include all of the following except:
A. Printers
B. Monitors
C. LCD projectors
D. Web communication
E. General journals
Q:
Information storage:
A. Eliminates the need for professional judgment.
B. Keeps data in a form accessible to information processors.
C. Provides the basic information processed by an accounting system.
D. Captures information from source documents.
E. Is always in electronic format.
Q:
Input devices include:
A. Bar-code readers
B. Printers
C. Software
D. Ledgers
E. Database files
Q:
Source documents:
A. Are input devices.
B. Provide the basic information processed by an accounting system.
C. Cannot be electronic files.
D. Store processed information for future use.
E. Provide systems that interpret, transform and summarize data.
Q:
The basic components of an accounting information system include all but which of the following?
A. Source documents
B. Input devices
C. Cell phones
D. Information processors
E. Information storage
Q:
The five fundamental principles of accounting information systems are:
A. Control, accountability, relevance, compatibility, and flexibility.
B. Control, relevance, compatibility, flexibility, and cost-benefit.
C. Control, relevance, compatibility, flexibility, and safety.
D. Control, relevance, compatibility, timeliness, and cost-benefit.
E. Historical cost, relevance, compatibility, flexibility, and cost-benefit.
Q:
The accounting principle that requires an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the:
A. Control principle
B. Compatibility principle
C. Relevance principle
D. Flexibility principle
E. Cost-benefit principle
Q:
The flexibility principle of accounting information systems requires that the:
A. Benefits from an activity outweigh the costs of the activity.
B. System report useful, understandable, timely, and pertinent information for effective decision making.
C. System aid managers in controlling and monitoring business activities.
D. System adapt to changes in the company, business environment, and needs of decision makers.
E. System conform with a company's activities, personnel, and structure.
Q:
The control principle for accounting information systems requires that the:
A. Benefits from an activity outweigh the costs of the activity.
B. System report useful, understandable, timely, and pertinent information for effective decision making.
C. System aid managers in controlling and monitoring business activities.
D. System adapt to changes in the company, business environment, and needs of decision makers.
E. System conform with a company's activities, personnel, and structure.
Q:
Internal control procedures do not include:
A. Procedures to ensure reliable financial reports.
B. Safeguards to protect company assets.
C. Methods to achieve compliance with laws and regulation.
D. Procedures to guarantee against fraud.
E. Policies to direct operations toward common goals.
Q:
Effective accounting information systems will do all of the following except:
A. Collect data from transactions and events.
B. Organize data in useful forms.
C. Communicate information to business decision makers.
D. Process data from transactions and events.
E. Eliminate all errors.
Q:
The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.
Q:
The purchases journal is identical under both the periodic and the perpetual inventory systems.
Q:
A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.
Q:
To check for accuracy after posting: first a trial balance is completed, then the subsidiary ledgers are tested by preparing a schedule of the controlling account.
Q:
If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account, then the accounts are presumed to be correct.
Q:
A schedule of accounts receivable is a listing of all creditor accounts and account balances.