Accounts Receivable, Finance And Accounting

Question: Correcting inaccurate invoices is usually accomplished in four ways. Which of the following is the best way?
A
Issuing of credit memo for the incorrect amount

B
Instructing the customer to short pay the invoice, then processing an adjustment for the difference

C
Issuing corrected "original" invoice, i.e. invoice with the same number as that of the original, incorrect one.

D
Issuing a credit memo for the entire amount of the inaccurate invoice and rebilling the correct amount under a new invoice number

Note: answer not sure
1. Report
Question: You received an invoice that shows credit terms of 2/10, n/60. What does the number 10 in the credit terms refer to?
A
The number of days in the credit period.

B
The amount of sales discount available.

C
The number of days in the discount period.

D
The amount of the trade discount.

Note: answer not sure
1. Report
Question: Factoring Receivables is a __________.
A
continuous, ongoing purchase of Receivables

B
finite portfolio of Receivables

C
limited purchase of Receivables

D
continuous, ongoing selling of Receivables

Note: answer not sure
1. Report
Question: A transfer of financial assets in accordance with SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities may be treated as a sale if the transferor surrenders control of the assets. Which of the following is one of the criteria that must be met before control is deemed to be surrendered?
A
The transferred assets are isolated from the transferor and its creditors expected in bankruptcy.

B
The transferee cannot pledge or exchange the transferred assets.

C
The transferor is not a party to an agreement that both entitles and obligates it to repurchase or redeem the securities prior to maturity.

D
The consideration received by the transferor consists solely of beneficial interests in the transferred assets.

Note: answer not sure
1. Report
Question: Merchandise returned by a customer for a credit on account or a cash refund is called __________
A
Credit Memorandum

B
Debit Memorandum

C
Sales Allowances

D
Sales Return

Note: answer not sure
1. Report
Question: What is B2B?
A
A CRM software package

B
Best Business

C
An Accounting Software

D
Business to Business

Note: answer not sure
1. Report
Question: The Method of recording bad debt expenses is known as the____________________
A
Bad Debt Method

B
Allowance Method

C
Expenses Method

Note: answer not sure
1. Report
Question: Is the Accounts Receivable department considered "revenue generating"?
A
Yes, it is the connection between the company and the customer

B
Yes, as AR handles all payments, it handles the revenue in the true sense

C
Yes, without an AR department, no revenue would be collected

D
No, it is part of the accounting operation function and is an overhead expense

Note: answer not sure
1. Report
Question: Costs that does not carry enough inventory include_______.
A
lost sales

B
customer disappointment

C
possible worker layoffs

D
All of these

Note: answer not sure
1. Report
Question: 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
$120,000

B
$400,000

C
$498,000

D
$530,000

Note: answer not sure
1. Report

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Question: Correcting inaccurate invoices is usually accomplished in four ways. Which of the following is the best way?

Question: You received an invoice that shows credit terms of 2/10, n/60. What does the number 10 in the credit terms refer to?

Question: Factoring Receivables is a __________.

Question: Merchandise returned by a customer for a credit on account or a cash refund is called __________

Question: What is B2B?

Question: The Method of recording bad debt expenses is known as the____________________

Question: Is the Accounts Receivable department considered "revenue generating"?

Question: Costs that does not carry enough inventory include_______.