Author: Anonymous

A sales invoice included the following information: merchandise price, $8,500; terms n/eom. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and that the invoice is paid within the credit period, the effects of the payment on the accounts and financial statements include _____.

The difference between sales and cost of goods sold for a retail business is _____.

Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____.

Zion Inc. has the following cash register data for December 31: Line Item Description Amount Cash register total for cash sales $24,500 Cash receipts from cash sales $24,470 How should the difference be recorded?

Which of the following refers to the arrangements between buyers and sellers regarding the payments for merchandise?

_____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. a. Risk assessment activities

The purpose of the Sarbanes-Oxley Act is to ____.

In reference to a promissory note, the person who is to receive payment is called the ____.

Merchandise not sold at the end of the period is reported as _____.

Which of the following statements about retail and/or service businesses is true?