Reference no: EM132939224

Problem 1: Which one of the following general statements is correct -

a. a sales discount is recorded as a negative amount in the receipts journal

b. a sale return is recorded as a negative amount in the sales journal

c. cash sales are recorded as other receipts in the receipts journal

d. a and b above are correct

Problem 2:  In the receipts journal, once we select the customer we are not required to enter -

a. the payment amount

b. the original amount

c. the date of payment

d. we need to enter all the above details

Problem 3: Linked accounts provide all but one of the following controls -

a. amounts cannot be entered incorrectly

b. required linked accounts must be defined

c. the program automatically updates the corresponding general ledgers

d. there is no need to enter the information twice

Problem 4: To record a NSF cheque, you can -

a. re-enter the original sales invoice to restore the balance owing

b. reverse the receipt from the adjusting receipt screen

c. make a general journal entry that debits Accounts Receivable and credits the bank account for the cheque amount

d. use any of the above methods to record the NSF transaction correctly

Problem 5:  If you record an incorrect payables historical invoice -

a. pay all invoices for the supplier, clear paid invoices and re-enter the historical data

b. each historical invoice must be recorded separately

c. delete the historical data and re-enter historical data

d. delete the supplier record and begin again