What account is used when a customer pays for a product

Assignment Help Accounting Basics

Reference no: EM132728663

Problem 1: What account is used when a customer pays for a product or service on a line of credit?

Select one:

a. Principal
b. Accounts Receivable
c. Accounts Payable

Problem 2: An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer.

Select one:

a. True
b. False

Problem 3: The first-in, first-out method (FIFO) records costs relating to a sale as if the earliest purchased item would be sold last.

Select one:

a. True
b. False

Reference no: EM132728663

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