Correct Answer: True
Explanation:
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More Accounts Receivable MCQ Questions
Which of the following are two common bookkeeping methods?
What three important documents, and following material, are critical in a financial statement for credit evaluation?
What function do letters of credit serve?
What type of customers are letters of credit most useful for?
Which method is required by the GAAP?
A firm's inventory turnover (IT) is 5 times on a cost of goods sold (COGS) of $800,000. If the IT is improved to 8 times while the COGS remains the same, a substantial amount of funds is released from or additionally invested in inventory. In fact, an amount of _________.
Advances received from the customers are shown_______
A firm receives cash for 30% of its sales with the remaining 70% being credit sales. Of the credit sales, 20% are collected in the month of the sale, 60% in the month following the sale, and 20% in the second month following the sale. The anticipated sales for January through April are $400,000, $500,000, $600,000, and $400,000 respectively. What will be the cash receipts in the month of April?
A customer has purchased several service items.� Is it important to enter them individually?
The Sales Returns and Allowances – Account is classified as a/an _________ .